https://www.taxtmi.com/caselaws?id=57663 Exemption under section 5(1)(iva) of the Wealth-tax Act is to be granted in the hands of each individual owner to the extent of his share, rather than being deducted while valuing the estate as a whole. The Tribunal followed its earlier view that the statutory deduction applies at the stage of individual wealth assessment after apportionment among co-owners. On that basis, the assessee's share was entitled to exemption in his own hands, and the full estate valuation was not reduced first by the exemption. en-us Wed, 22 Sep 1976 00:00:00 +0530 Sat, 11 Dec 2010 13:52:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57663 Exemption under section 5(1)(iva) of the Wealth-tax Act is to be granted in the hands of each individual owner to the extent of his share, rather than being deducted while valuing the estate as a whole. The Tribunal followed its earlier view that the statutory deduction applies at the stage of individual wealth assessment after apportionment among co-owners. On that basis, the assessee's share was entitled to exemption in his own hands, and the full estate valuation was not reduced first by the exemption. Case-Laws Wealth-tax Wed, 22 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57663