wealth tax query

As per section 2(ea) of wealth tax act asset means(among other things)

Any building or land appurtenant thereto which shall include :

1. commercial buildings;
2. residential buildings;
3. any guest house;
4. a farm house situated within 25 kilometres from the local limits of any municipality (whether known as Municipality, Municipal Corporation or by any other name) or a Cantonment Board.

However, the following buildings will not be included to assets:

1. a house meant for residential purposes which is allotted by a company to an employee or an officer or a director who is in whole time employment, having a gross annual salary of less than5,00,000/-.

My query is regarding the highlighted clause that in whose hands will it not be treated as an asset,in hands of employee or the company?

Hoping for an early reply,plz