https://www.taxtmi.com/caselaws?id=24039 A partner's interest in house property owned by a firm can qualify for exemption under section 5(1)(iv) of the Wealth-tax Act, even after the words requiring exclusive residential use were omitted. The interpretation accepted that the exemption is not confined to residential occupation and may extend to property used for commercial purposes. On that basis, the value of a cinema building owned by the firm was treated as eligible for exemption in the partner's hands, and the refusal of exemption was held unsustainable. en-us Wed, 13 Sep 1989 00:00:00 +0530 Sat, 16 Jan 2010 11:39:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24039 A partner's interest in house property owned by a firm can qualify for exemption under section 5(1)(iv) of the Wealth-tax Act, even after the words requiring exclusive residential use were omitted. The interpretation accepted that the exemption is not confined to residential occupation and may extend to property used for commercial purposes. On that basis, the value of a cinema building owned by the firm was treated as eligible for exemption in the partner's hands, and the refusal of exemption was held unsustainable. Case-Laws Wealth-tax Wed, 13 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24039