Exemption U/s 5 (1) (iv) of Wealth Tax Act ::
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.
CA.Saibaburao Nanduri
Published in Community & General
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