https://www.taxtmi.com/caselaws?id=27307 The Court held in favor of the assessee, a partner in a firm, allowing the deduction under section 5(1)(iv) of the Wealth-tax Act for a house property treated as a firm asset. Despite the property being a firm asset, as the partners resided in and used it for residential purposes, it was considered as belonging to the partners individually. The Court emphasized that a partner's interest in a firm is an asset included in net wealth calculations, entitling them to exemptions under the Act. The judgment clarified the treatment of such interests for wealth tax purposes. en-us Mon, 25 Mar 1985 00:00:00 +0530 Fri, 12 Feb 2010 10:47:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27307 The Court held in favor of the assessee, a partner in a firm, allowing the deduction under section 5(1)(iv) of the Wealth-tax Act for a house property treated as a firm asset. Despite the property being a firm asset, as the partners resided in and used it for residential purposes, it was considered as belonging to the partners individually. The Court emphasized that a partner's interest in a firm is an asset included in net wealth calculations, entitling them to exemptions under the Act. The judgment clarified the treatment of such interests for wealth tax purposes. Case-Laws Wealth-tax Mon, 25 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27307