https://www.taxtmi.com/caselaws?id=39361 A partner cannot claim wealth-tax exemption for a specific residential house held as partnership property where the exemption is confined to property belonging to the assessee. During the subsistence of the firm, a partner has no exclusive right in any particular item of partnership assets; his interest is only in the partnership as a whole and, on dissolution, in the surplus after liabilities. Because the house was owned by the firm and not by the partners in their individual capacity, the assessees were not entitled to exemption under section 5(1)(iv) of the Wealth-tax Act, 1957. en-us Wed, 13 Aug 1975 00:00:00 +0530 Fri, 16 Apr 2010 10:13:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39361 A partner cannot claim wealth-tax exemption for a specific residential house held as partnership property where the exemption is confined to property belonging to the assessee. During the subsistence of the firm, a partner has no exclusive right in any particular item of partnership assets; his interest is only in the partnership as a whole and, on dissolution, in the surplus after liabilities. Because the house was owned by the firm and not by the partners in their individual capacity, the assessees were not entitled to exemption under section 5(1)(iv) of the Wealth-tax Act, 1957. Case-Laws Wealth-tax Wed, 13 Aug 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39361