Ownership flats of members of tenant co-partnership societies - Whether exempt under clause (iv) of sub-section (1)

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the Wealth-tax Officers do not allow the exemption under section 5(1)(iv), in the cases of members of co-operative societies of the tenant co-partnership type, on the ground that the legal ownership over the flats vests with the society and not with the individual members. It has been represented to the Board that these societies are usually only lessees of the flats, the legal ownership of which....