https://www.taxtmi.com/caselaws?id=456801 For wealth-tax purposes, the legal character of partnership property was treated as such that a partner's share in the firm's assets could be recognised in computing net wealth. The discussion states that, although a firm has no separate legal existence, the partnership property vests in the partners, and a partner may claim exemption under section 5(1)(iv) of the Wealth-tax Act, 1957 in respect of his share in land and building owned by the firm. On that basis, the exemption was extended to the partner's interest in the firm's immovable property. en-us Thu, 06 Nov 1997 00:00:00 +0530 Fri, 16 Aug 2024 15:27:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456801 For wealth-tax purposes, the legal character of partnership property was treated as such that a partner's share in the firm's assets could be recognised in computing net wealth. The discussion states that, although a firm has no separate legal existence, the partnership property vests in the partners, and a partner may claim exemption under section 5(1)(iv) of the Wealth-tax Act, 1957 in respect of his share in land and building owned by the firm. On that basis, the exemption was extended to the partner's interest in the firm's immovable property. Case-Laws Income Tax Thu, 06 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456801