https://www.taxtmi.com/caselaws?id=39120 A vested testamentary share, including a residuary interest in the clear residue of an estate, is property belonging to the assessee for wealth-tax purposes and is includible in net wealth on the valuation date. The court noted that the Wealth-tax Act taxes the aggregate value of assets belonging to the assessee, and that "assets" has wide scope. An undivided coparcenary interest crystallised into defined shares on notional partition, while the residuary legatee's right vested in interest on the testator's death even though possession awaited completion of administration. Those transmissible and valueable interests were therefore taxable assets. en-us Tue, 02 Jul 1974 00:00:00 +0530 Tue, 13 Apr 2010 10:43:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39120 A vested testamentary share, including a residuary interest in the clear residue of an estate, is property belonging to the assessee for wealth-tax purposes and is includible in net wealth on the valuation date. The court noted that the Wealth-tax Act taxes the aggregate value of assets belonging to the assessee, and that "assets" has wide scope. An undivided coparcenary interest crystallised into defined shares on notional partition, while the residuary legatee's right vested in interest on the testator's death even though possession awaited completion of administration. Those transmissible and valueable interests were therefore taxable assets. Case-Laws Wealth-tax Tue, 02 Jul 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39120