https://www.taxtmi.com/caselaws?id=55403 Beneficial ownership, not merely legal title, governed the exemption claim for shares held through trustees under the Wealth-tax Act, 1957. Where a beneficiary was assessed on the beneficial interest in the trust property, the corresponding exemption under section 5(1)(xxiii) could not be denied simply because the trustees held legal title. The exemption was held available to the beneficiary in respect of the shares, but only within the statutory ceiling prescribed by section 5(1A), having regard to the assessee's other assets. en-us Sun, 27 Jun 1982 00:00:00 +0530 Fri, 26 Nov 2010 18:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55403 Beneficial ownership, not merely legal title, governed the exemption claim for shares held through trustees under the Wealth-tax Act, 1957. Where a beneficiary was assessed on the beneficial interest in the trust property, the corresponding exemption under section 5(1)(xxiii) could not be denied simply because the trustees held legal title. The exemption was held available to the beneficiary in respect of the shares, but only within the statutory ceiling prescribed by section 5(1A), having regard to the assessee's other assets. Case-Laws Wealth-tax Sun, 27 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55403