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

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..... s 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 really vests with the .....

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..... ement the legal ownership in the flats vests with the individual members and that the exemption under section 5(1)(iv) would be available to the members of such a society. The cases of the tenant co-partnership societies would be scrutinised by the Wealth-tax Officers to see that the co-operative society is only a lessee and the individual members are the real owners. If it is found that this is s .....

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