Exemption in respect of house property u/s.5(1)(iv) of the Wealth Tax Act, 1957.

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..... been stated that exemption in respect of house property u/s.5(1)(iv) of the W.T. Act, 1957 is not allowable in respect of interest of a beneficiary of a trust being a life tenant in the house property. 2. The Board have reconsidered the matter and have been advised that if a beneficiary has an absolute right of user of the property during his life-time, it could be said that the property belongs .....

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