Debts incurred in relation to any property shall not be deducted in computing the net wealth of assessee.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... incurred in relation to, any property in respect of which wealth-tax is not chargeable under the Act shall not be deducted in computing the net wealth of the assessee. The Board have examined the question whether debts secured on or incurred in relation to assets in respect of which wealth-tax is not payable and which are not included in the net wealth of the assessee by virtue of provisions cont .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e Act is to be allowed. The Board are of the view that in the absence of any clear indication in the Act, the deduction for such debts will have to be allowed in the manner which is most beneficial to the assessee. Accordingly, if, for instance, a debt of Rs.1 lakh has been secured on a house property the value of which is Rs.1,50,000 and exemption of Rs.1 lakh is allowed u/s.5(1)(iv) of the Act, .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X