1981 (6) TMI 52

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..... properties. The total value of the four properties was estimated by the assessee at Rs. 6 lakhs. The assessee has 18 per cent interest in the trust. So her interest in the house properties worked out to Rs. 1,08,000, the assessee claimed exemption upto Rs. 1,00,000 under s. 5(1)(iv) of the WT Act. The WTO did not allow it. The AAC of Wealth-tax allowed upto Rs. 1,00,000. Hence these departmental a .....

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..... Rs. 3 lakhs. The Deptl. Rep. argued that the maximum relief can only be for 18 per cent of Rs. 3 lakhs, which is the costliest of four houses. We disagree. The assessee is a co-owner along with others. So the extent of interest of the assessee in each house is indeterminate and not ascertainable. It is not possible to say that each house belongs to the assessee with 18 per cent interest in each h .....

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