Bare Act Search Results

Wealth-tax Act, 1957 Section 19A

Title: Assessment in the Case of Executors

State: Central

Year: 1957

.....(4) The assessment of an executor under this section shall be made separately from any assessment that may be made on him in respect of his own net wealth or on the net wealth of the deceased under section 19. (5) Separate assessments shall be made under this section in respect of the net wealth as on each valuation date as is included in the period from the date of the death of the deceased to the date of complete distribution to the beneficiaries of the estate according to their several interests. (6) In computing the net wealth on any valuation date under this section, any assets of the estate distributed to, or applied to the benefit of, any specific legatee of the estate prior to that valuation date shall be excluded, but the assets so excluded shall, to the extent such assets are held by the legatee on any valuation date, be included in the net wealth of such specific legatee on the valuation date. Explanation. - In this section, "executor" includes an administrator or other person administering the estate of a deceased person.] ________________________ 1. Inserted by Act 46 of 1964, sec. 19 w.e.f. 1-4-1965.

Indian Succession Act, 1925 Section 245

Title: Administration, During Minority of Several Executors or Residuary Legatees

State: Central

Year: 1925

When there are two or more minor executors and no executor who has attained majority, or two or more residuary legatees and no residuary legatee who has attained majority, the grant shall be limited until one of them shall have attained his majority.

Indian Succession Act, 1925 Part 9

Title: Probate, Letters of Administration and Administration of Assets of Deceased

State: Central

Year: 1925

..... (viii) The person to whom probate was, or letters of administration were, granted has subsequently become of unsound mind. INDIAN SUCCESSION ACT, 1925Chapter 4 - OF THE PRACTICE IN GRANTING AND REVOKING PROBATES AND LETTERS OF ADMINISTRATION Section 264 - Jurisdiction of District Judge in granting and revoking probates, etc. (1) The District Judge shall have jurisdiction in granting and revoking probates and letters of administration in all cases within his district. (2) Except in cases to which section 57 applies, no court in any local area beyond the limits of the towns of Calcutta, Madras and Bombay,1[***] shall, where the deceased is a Hindu, Muhammadan, Buddhist, Sikh or Jaina or an exempted person, receive applications for probate or letters of administration until the State Government has, by a notification in the Official Gazette, authorised it so to do. ______________________ 1. The words "and the province of Burma" omitted by the A.O. 1937. Section 264 - Jurisdiction of District Judge in granting and revoking probates, etc. (1) The District Judge shall have jurisdiction in granting and revoking probates and letters of administration in all cases.....

Succession Act, 1925 Complete Act

State: Central

Year: 1925

.....under this section or exempted from the operation of any of the provisions of the Indian Succession Act, 1865(10 of 1865), under section 332 of that Act are in this Act referred to as "exempted persons". PART 02 OF DOMICILE SECTION 04: APPLICATION OF PART This Part shall not apply if the deceased was a Hindu, Muhammadan, Buddhist, Sikh or Jaina. SECTION 05: LAW REGULATING SUCCESSION TO DECEASED PERSON'S IMMOVABLE AND MOVABLE PROPERTY, RESPECTIVELY (1) Succession to the immovable property in India of a person deceased shall be regulated by the law of India, wherever such person may have had his domicile at the time of his death. (2) Succession to the movable property of a person deceased is regulated by the law of the country in which such person had his domicile at the time of his death. SECTION 06: ONE DOMICILE ONLY AFFECTS SUCCESSION TO MOVABLES A person can have only one domicile for the purpose of the succession to his movable property. SECTION 07: DOMICILE OF ORIGIN OF PERSON OF LEGITIMATE BIRTH The domicile of origin of every person of legitimate birth is in the country in which at the time of his birth his father was domiciled; or, if he is a posthumous.....

Indian Succession Act, 1925 Chapter 8

Title: Of Assent to a Legacy by Executor or Administrator

State: Central

Year: 1925

.....of the fund to A. This is an implied assent to the bequest to B. (iv) Executors die after paying all the debts of the testator, but before satisfaction of specific legacies. Assent to the legacies may be presumed. (v) A person to whom a specific article has been bequeathed takes possession of it and retains it without any objection on the part of the executor. His assent may be presumed. Section 334 - Conditional assent The assent of an executor or administrator to a legacy may be conditional and if the condition is one which he has a right to enforce, and it is not performed, there is no assent. Illustrations (i) A bequeaths to B his lands of Sultanpur, which at the date of the Will, and at the death of A were subject to a mortgage for 10,000 rupees. The executor assents to the bequest, on condition that B shall within a limited time pay the amount due on the mortgage at the testator's death. The amount is not paid. There is no assent. (ii) The executor assents to a bequest on condition that the legatee shall pay him a sum of money. The payment is not made. The assent is nevertheless valid. Section 335 - Assent of executor to his own legacy (1) When the.....

Indian Succession Act, 1925 Chapter 6

Title: Of the Powers of an Executor or Administrator

State: Central

Year: 1925

.....absence of such an endorsement or annexure authorise an executor or administrator to act otherwise than in accordance with the provisions of this section. Section 308 - General powers of administration An executor or administrator may, in addition to, and not in derogation of any other powers of expenditure lawfully exercisable by him, incur expenditure (a) on such acts as may be necessary for the proper care or management of any property belonging to any estate administered by him; and (b) with the sanction of the High Court, on such religious, charitable and other objects, and on such improvements, as may be reasonable and proper in the case of such property. Section 309 - Commission or agency charges An executor or administrator shall not be entitled to receive or retain any commission or agency charges at a higher rate than that for the time being fixed in respect of the Administrator-General by or under the Administrator-General's Act, 1913 (3 of 1913). Section 310 - Purchase by executor or administrator of deceased's property If any executor or administrator purchases, either directly or indirectly, any part of the property of the deceased, the sale is.....

Indian Succession Act, 1925 Chapter 2

Title: Of Limited Grants

State: Central

Year: 1925

.....258 to 260 - Grant of effects unadministered Section 258 - Grant of effects unadministered If an executor to whom probate has been granted has died, leaving a part of the testator's estate unadministered, a new representative may be appointed for the purpose of administering such part of the estate. Section 259 - Rules as to grants of effects unadministered In granting letters of administration of an estate not fully administered, the Court shall be guided by the same rules as apply to original grants, and shall grant letters of administration to those persons only to whom original grants might have been made. Section 260 - Administration when limited grant expired and still some part of estate unadministered When a limited grant has expired, by efflux of time, or the happening of the event or contingency on which it was limited, and there is still some part of the deceased's estate unadministered, letters of administration shall be granted to those persons to whom original grants might have been made.

Indian Succession Act, 1925 Chapter 5

Title: Of Executors of their Own Wrong

State: Central

Year: 1925

.....payment of the debts of the deceased. He is an executor of his own wrong. (ii) A, having been appointed agent by the deceased in his lifetime to collect his debts and sell his goods, continues to do so after he has become aware of his death. He is an executor or his own wrong in repect of acts done after he has become aware of the death of the deceased. (iii) A sues as executor of the deceased, not being such. He is an executor of his own wrong. Section 304 - Liability of executor of his own wrong When a person has so acted as to become an executor of his own wrong, he is answerable to the rightful executor or administrator, or to any creditor or legatee of the deceased, to the extent of the assets which may have come to his hands after deducting payments made to the rightful executor or administrator, and payments made in due course of administration.

Wealth Tax Act, 1957 Complete Act

State: Central

Year: 1957

WEALTH TAX ACT, 1957 WEALTH TAX ACT, 1957 27 of 1957 An Act to provide for the levy of wealth-tax BE it enacted by Parliament in the Eighth Year of the Republic of India as follows:- SECTION 01: SHORT TITLE, EXTENT AND COMMENCEMENT (1) This Act may be called the Wealth-tax Act, 1957. (2) It extends to the whole of India. (3) It shall be deemed to have come into force on the 1st day of April, 1957. SECTION 02: DEFINITIONS In this Act, unless the context otherwise requires,- (a)2[***] 3[(b) "Appellate Tribunal" means the Appellate Tribunal constituted under section 252 of the Income-tax Act; (c) "assessee" means a person by whom wealth-tax or any other sum of money is payable under this Act, and includes- (i) every person in respect of whom any proceeding under this Act has been taken for the determination of wealth-tax payable by him or by any other person or the amount of refund due to him or such other person : (ii) every person who is deemed to be an assessee under this Act ; (iii) every person who is deemed to be an assessee in default under this Act; 4[(ca) "Assessing Officer " means the Deputy Commissioner of Income-tax or the Assistant Commissioner or the.....

Wealth-tax Act, 1957 Chapter V

Title: Liability to Assessment in Special Cases

State: Central

Year: 1957

.....assessment year.] ________________________ 1. Substituted by Act 44 of 1980, sec. 40(a), for "In the case of assetschargeable to tax under this Act" w.e.f. 1-4-1980. 2. Substituted by Act 46 of 1964, sec. 20(a), for "on whose behalf" w.e.f. 1-4-1965. 3.Inserted by Act 16 of 1981, sec. 26(a) w.e.f. 1-4-1981. 4. Substituted by Act 4 of 1988, sec. 127, for "Wealth-tax Officer" w.e.f. 1-4-1988. 5. Inserted by Act 44 of1980, sec. 40(b) w.e.f. 1-4-1980. 6. The words '(all of which persons are hereinafter in this sub-section included in the term "beneficiary")' omitted by Act 46 of 1964, sec. 20(b)(i) w.e.f. 1-4-1965. 7. Substituted by Act 46 of 1964, sec. 20(b)(ii), for "on behalf of such beneficiary" w.e.f. 1-4-1965. 8.Substituted by Act 19 of 1970, sec. 26(e) w.e.f. 1-4-1971. 9. Substituted by Act 16 of 1981, sec. 26(b)(i), for "Notwithstanding anything contained in this section" w.e.f. 1-4-1981. 10. Substituted by Act 44of 1980, sec. 40(c)(i) w.e.f. 1-4-1980. 11. Substituted by Act 66 of 1976, sec. 27(4), for "the Schedule" w.e.f. 1-4-1977. 12. The words "in the case of an individual" omitted by Act 32 of 1971, sec. 34(a) w.e.f. 1-4-1972. 13. Substituted.....