Exemption in respect of house property u/s.5(1)(iv) of the Wealth Tax Act, 1957.

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....Section(s) Referred: 5(1)(iv) Statute: Wealth Tax Act, 1957 Attention is invited to Board's Instruction No.913 (F.NO.326/11/75-WT) dated 16th January, 1976 wherein it has been stated that exemption ....

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.... an asset within the meaning of the Act, provided, of course, other conditions laid down thereunder are satisfied. It is however, necessary to look into terms of the trust deed or the settlement deed ....