Law: Wealth Tax Act, 1957

Section: 27(1),5(1)(iv)

Wealth tax---- Exemption---House---Co-owner of house is entitled to exemption in respect of his share---Indian Wealth Tax Act, 1957, S.5. A partner in a firm or a co-sharer otherwise is entitled to the exemption under section 5(1)(iv) of the Wealth Tax Act, 1957. CWT v. T.S. Sundaram (1999) 237 ITR 61 (SC) fol. CWT v. Christine Cardoza (Mrs.) (1978) 114 ITR 532 (Kar.); CWT v. Radha Krishna Jalan (1984) 145 ITR 217 (Pat.); CWT v. Sri Naurangrai Agarwalla (1985) 155 ITR 752 (Cal.) and CWT v. Vimlabai Kantilal Porwal (Sint.) (1983) 141 ITR 484 (MP) ref. JUDGMENT The Income-tax Appellate Tribunal, Delhi Bench-C, has, at the instance of the Commissioner of Wealth tax, referred under section 27(1) of the Wealth Tax Act, 1957, the following question, stated to be of law and to arise out of an order, dated October 15, 1980, passed by the said Tribunal in Wealth Tax Appeals Nos.515 and 516 (Delhi) of 1979, for the opinion of this Court: "Whether, the Income-tax Appellate Tribunal was legally correct in holding that the assessee was entitled to the deduction under section 5(1)(iv) of the Wealth Tax Act in respect of his 1/5th share in the association of persons Mahavir Glass Works in respect of the value of immovable properties owned by the said association of persons?" We have heard Sri Prakash Krishna, learned counsel for the Commissioner. No one appeared on behalf of the assessee-respondent. Under section 5(1)(iv) of the Wealth Tax Act, a house property or part of a house belonging to the assessee was not includible in the net wealth of an assessee. The petitioner alongwith others owned some immovable property known as "Mahavir Glas Works" which appears to be assessed to income-tax as an association of persons. The petitioner claimed exemption under section 5(1)(iv) of the Wealth Tax…

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