Bare Act Search Results

Estate Duty Act, 1953 [Repealed] Section 54

Title: Persons Accountable May Include Trustees in Certain Cases

State: Central

Year: 1953

.....the property in which the interest subsisted, the following persons shall be accountable for any estate duty payable on the death by virtue of that section (in addition to any persons accountable therefor apart form this section ) , that is to say.- (a) if the settlement under which the interest subsisted is in existence at the death, the trustees for the time being of that settlement; and (b) if it is not, the persons who were the last trustees of that settlement. (2) Where.- (a) the trustees of a settlement may become accountable for estate duty payable by virtue of section 11 in respect of any property; and (b) it is intended that the property or any part thereof shall cease to be comprised in the settlement; then if the trustees obtain from the Controller a certificate of the amount which in the opinion of the Controller may properly be treated as the prospective amount of the duty, and give the Controller all the information ad evidence required by the Controller in connection with the application for the certificate no person shall be accountable as trustee of the settlement for the duty to which the certificate relates to an amount in excess of the amount.....

Estate Duty Act, 1953 [Repealed] Section 22

Title: Property Held by the Deceased as Trustee

State: Central

Year: 1953

Property passing on the death of the deceased shall not be deemed to include property held by the deceased as trustee for another person under the disposition not made by the deceased or under a disposition made by the deceased where (whether by virtue of the original disposition or of a subsequent surrender of any benefit originally reserved to the deceased or otherwise possession any enjoyment of the property was bona fide assumed by the beneficiary at least two years before the death and thenceforward retained by him to the entire exclusion of the deceased or of any benefit to the deceased by contract or otherwise; Provided that in the case of property held by the deceased as sole trustee for another person under a disposition made by himself, the period shall be five years.

Estate Duty Act, 1953 [Repealed] Section 76

Title: Person Accountable to Be Repaid by Trustees and Owners in Certain Cases

State: Central

Year: 1953

If a person accountable under section 53 pays any part of the estate duty in respect of any property not passing to him; it shall where occasion requires be repaid to him by the trustees or owners of the property.

Estate Duty Act, 1953 Complete Act

State: Central

Year: 1953

.....in the Wealth-tax Act and the rules made thereunder. 4. Another amendment seeks to make a provision similar to that contained in Income-tax Act, 1961 and Wealth-tax Act, 1957, to secure that where the deceased was a member of a co-operative housing Society the value of one house or part thereof allotted or leased to him under a house-building scheme of the society would be treated as a house owned by the deceased, thus qualifying for the concessional treatment accorded to residential house property. 5. The other amendments proposed in the Bill are of a consequential nature. 6. The amendments are being made with retrospective effect from the 1st day of March, 1981 and accordingly the proposed concessions will also be available in relation to estate duty in the case of persons who have died after the 28th February, 1981. 7. The Bill seeks to achieve the above objects. -Gaz. of Ind., 13-7-82, Pt. II, S. 2,Ext" p. 8 (No. 28) Act 53 of 1984 This Bill seeks to amend the Estate Duty Act, 1953, mainly with a view to excluding agricultural lands from the levy of estate duty. 2. One of the amendments proposed accordingly seeks to provide that the Act shall cease to apply to the.....

Air Corporations Act, 1953 Complete Act

State: Central

Year: 1953

.....with either of the Corporations. SECTION 09: CORPORATIONS TO ACT ON BUSINESS PRINCIPLES - In carrying out any of duties vested in it by this Act, each of the Corporations shall act so far as may be on business principles. CHAPTER 03: FINANCE, ACCOUNTS AND AUDIT SECTION 10: CAPITAL OF THE CORPORATIONS - (1) All non-recurring expenditure incurred by the Central Government for, or in connection with, each of the Corporations up to the date of establishment of that Corporation and declared to be capital expenditure by that Government, shall be treated as capital provided by the Central Government to that Corporation. (2) The Central Government may provide any further capital that may be required by either of the Corporations for the carrying on of the business of the Corporation or for any purpose connected therewith on such terms and conditions as the Central Government may determine. (3) Each of the Corporations may, with the consent of the Central Government, or in accordance with the terms of any general authority given to it by the Central Government- (a) borrow money for all or any of the purposes of the Corporation, and (b) secure the payment of any money.....

Air Corporations Act, 1953 [Repealed] Chapter IV

Title: Acquisition of Undertakings of Existing Air Companies

State: Central

Year: 1953

.....in respect of which an application is made is a transaction to which this section applies, then, unless the Tribunal is also satisfied that the transaction was a proper transaction made in the ordinary course of business regard being had to the circumstances at the time and was not in any way connected with any provision made by this Act or with any anticipation of the making of any such provision, the Tribunal shall make such order against any of the parties to the application as the Tribunal thinks just having regard to the extent to which those parties were respectively responsible for the transaction or benefited from it and all the circumstances of the case. (4) Where an application is made to the Tribunal under this Section in respect of any transaction and the application is determined in favour of the Corporation the Tribunal shall have exclusive jurisdiction to determine any claims outstanding in respect of the transaction. ________________________ 1. Substituted for the words "six months" by the Air Corporations (Amdt.) Act, 1954 (10 of 1954), S. 4 (w.r.e.f. 30-1-1954). Section 25 - Compensation to be given for compulsory acquisition of undertaking (1) Where.....

Estate Duty Act, 1953 [Repealed] Complete Act

Title: Estate Duty Act, 1953 [Repealed]

State: Central

Year: 1953

.....Duty of company and officers of company to give information to Controller on death of transferor Section19 - Collection and incidence of duty under section 17 Section20 - Power to make rule respecting controlled companies generally Section21 - Foreign property Section22 - Property held by the deceased as trustee Section23 - Interest failing before becoming an interest in possession Section24 - Property reverting to disponer Section25 - Income of settled property acquired on death of spouse Section26 - Property passing by reason of a bona fide purchase for full or partial consideration in money Section27 - Dispositions in favour of relatives Section28 - Effect of new or increased rates of duty on certain prior sales and mortgages Section29 - Settled property in respect of which since the date of the settlement estate duty has been paid on the death of the deceaseds spouse Section30 - Agreement for avoidance or relief of double taxation with respect to estate duty Section31 - Allowance for quick succession to property Section32 - Exemption of interest of a Hindu widow devolving upon reversioners in certain cases Section33 - Exemptions Section34 - Aggregation .....

Estate Duty Act, 1953 [Repealed] Section 26

Title: Property Passing by Reason of a Bona Fide Purchase for Full or Partial Consideration in Money

State: Central

Year: 1953

(1) Subject to the provisions of section 27 and section 46 estate duty shall not be payable in respect of property passing on the death of the deceased by reason only of bona fide purchase from the person under whose disposition the property passes, nor in nor in respect of the determination of any annuity for lives, where such purchase was made, or such lease or annuity granted, for full consideration in money or money's worth paid to the vendor or grantor for his own use or benefit, or in the case of a lease from the use or benefit of any person from whom the grantor was a trustee. (2) Where any such purchase was made, or lease or annuity granted for partial consideration in money or money's worth paid to the vendor or grantor for his own use or benefit, or in the case of a lease for the use or benefit of any person for whom the grantor was a trustee, the value of the consideration shall be allowed as a deduction from the value of the property for the purpose of estate duty.

Air Corporations Act, 1953 [Repealed] Section 20

Title: Provisions Respecting Officers and Employees of Existing Air Companies

State: Central

Year: 1953

.....and liabilities, and thereupon the trustees shall be discharged of the trusts by virtue of this Act. (4) Notwithstanding anything contained in this Act or in the Indian Companies Act, 1913 or in any other law for the time being in force or in any agreement entered into by an existing air company or in the articles of association of any such company, no director, managing agent, manager or any other person entitled to manage the whole or a substantial part of the business and affairs of the company shall be entitled to any compensation against any existing air company or against either of the Corporations for the loss of office or for the premature termination of any contract of management entered into by him with any existing air company and where any existing air company has, after the first day of July, 1952, and before the commencement of this Act, paid to any such person as is referred to in this sub-section any sum by way of compensation to which the person receiving such compensation would not have been entitled if this sub-section were in force at the time of such payment, the existing air company shall be entitled to claim refund of any sum so paid.

Salaries and Allowances of Officers of Parliament Act, 1953 Complete Act

State: Central

Year: 1953

.....of the Council of States, any income by way of an allowance referred to in sub-section ( I ) of section 3-shall not be included : (b) the value of rent free furnished residence (including maintenance thereof) provided to an officer of Parliament under sub-section (1) of section 4-shall not be included in the computation of his income chargeable under the head "Salaries" under section 15 of the Income-tax Act, 1961.] SECTION 11: POWER TO MAKE RULES (1) The Central Government may, in consultation with the Chairman and the Speaker, make rules15for carrying out the purposes of this Act. (2) All rules made under this Act shall be laid before both Houses of Parliament as soon as may be after they are made. Central Bare Acts