Exemption U/s 5 (1) (iv) of Wealth Tax Act ::

Last updated: 07 September 2007

Court :
HC

Brief :
Held by the Hon'ble court that exemption u/s 5(1)(iv) has been provided to one house or part of the house belonging to the assessee.Cinema building and market cannot be held as a house.

Citation :
C.I.T. Vs. Dalpat Singh And Others

Exemption U/s 5 (1) (iv) of Wealth Tax Act C.I.T. Vs. Dalpat Singh And Others 31/08/2004 (2005) 276 ITR 133 (Allahabad) Case Fact: Whether the exemption u/s 5(1)(iv) of the Wealth tax Act can be availed in respect of cinema building and the market. Decision: Held by the Hon'ble court that exemption u/s 5(1)(iv) has been provided to one house or part of the house belonging to the assessee.Cinema building and market cannot be held as a house.