Bare Act Search Results

Estate Duty Act, 1953 [Repealed] Section 38

Title: Valuation of Interests in Expectancy

State: Central

Year: 1953

Where an estate includes an interest in expectancy, estate duty in respect of that interest shall be paid, at the option of the person accountable for the duty, either with the duty in respect of the rest of the estate or when the interest falls into possession, and if the duty is not paid with the estate duty in respect of the rest of the estate, then.- (a) for the purpose of determining the rate of estate duty in respect of the rest of the estate, the value of the interest shall be its value at the date of the death of the deceased ; and (b) the rate of estate duty in respect of the interest when in falls into possession shall be calculated according to its value when it falls into possession, together with the value of the rest of the estate as previously ascertained.

Estate Duty Act, 1953 Complete Act

State: Central

Year: 1953

.....apply to- (a) gifts made in consideration of marriage, subject to a maximum of rupees then thousand in value; (b) gifts which are proved to the satisfaction of the Conroller to have been part of the normal expenditure of the deceased, subject to a maximum of rupees ten thousand in value.] SECTION 10: Gifts whenever made where donor not entirely excluded: Property taken under any gift, whenever made, shall be deemed to pass on the donor's death to the extent that bona fide possession and enjoyment of it was not immediately assumed by the donee and thence- forward retained to the entire exclusion of the donor or of any benefit to him by contract or otherwise: Provided that the property shall not be deemed to pass by reason only that it was not, as from the date of the gift, exclusively retained as aforesaid, if, by means of the surrender of the reserved benefit or otherwise, it is subsequently enjoyed the entire exclusion of the donor or of any benefit of him for at least [two years] before the death. [Provided further that a house or part thereof taken under any gift made to the spouse, son, daughter, brother or sister, shall not be deemed to pass on the donor's death by.....

Estate Duty Act, 1953 [Repealed] Complete Act

Title: Estate Duty Act, 1953 [Repealed]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 68

Title: Commutation of Duty in Respect of Interest in Expectancy

State: Central

Year: 1953

The Controller in his discretion may upon application by a person entitled to an interest in expectancy commute the 4estate duty which would or might but for the commutation become payable in respect of such interest of r accretion sum to be presently paid and for determining that sum shall cause a present value to be set upon such duty regard being had to the contingencies affecting the liability to and rate and amount of such duty and interest being reckoned at three per cent, and on the receipt of such sum the controller shall give a certificate accordingly.

Estate Duty Act, 1953 [Repealed] Section 35

Title: Rates of Estate Duty on Property Including Agricultural Land

State: Central

Year: 1953

.....lakh. (2) Where an estate passing on the death of a person consist partly of property of the nature described in clause (a) of the proviso to sub-section (1) and party of the nature described in clause (b) of the said proviso, the estate duty payable thereon shall be.- (i) the amount which bears to the total amount of estate duty which would have been payable on the estate had it wholly consisted of property of the nature described in clause (a) the same proportion as the value of such property bears to the value of the estate, plus (ii) the amount which bears to the total amount of estate duty which would have been payable on the estate had it wholly consisted of property of the nature described in clause (b) the same proportion as the value of such property bears to the value of the estate. (3) Notwithstanding anything contained in sub-section (1) and the Second Schedule, where any property passing on the death of any person consists wholly or in part of agricultural land and the principal value of the estate does not exceed rupees two lakhs, there shall be allowed by way of rebate.- (a) in the case of an estate which consists wholly of agricultural land, a sum.....

Roerich and Devikarani Roerich Estate (Acquisition and Transfer) Act, 1996 Chapter II

Title: Transfer and Vesting of the Estate

State: Karnataka

Year: 1996

.....the Board. (2) For the removal of doubts it is hereby declared that,- (a) save as otherwise expressly provided in this section or in any other section of the Act, no liability of the owners or transferees in relation to the Estate in respect of any period prior to the appointed day shall be enforceable against the State Government or where the Estate is directed under section 6 to vest in the Board, against the Board; (b) no award, decree or order of any court, tribunal or other authority in relation to the Estate passed after the appointed day in respect of any matter, claim or dispute in relation to any matter which arose before that day shall be enforceable against the State Government or where the Estate is directed under section 6 to vest in the Board, against the Board; (c) no liability incurred by the owners or transferees before the appointed day, for the contravention of any provision of any law for the time being in force shall be enforceable against the State Government or where the Estate is directed under section 6 to vest in the Board, against the Board. Section 6 - Power of State Government to direct vesting of the Estate in the Board (1).....

Roerich and Devikarani Roerich Estate (Acquisition and Transfer) Act, 1996 Chapter III

Title: Management of the Estate

State: Karnataka

Year: 1996

.....to the Estate which has vested in the State Government under section 3 shall where a direction has been made by the State Government under sub-section (1) of section 6, vest in the Board and thereupon the Board shall be entitled to exercise, to the exclusion of all other persons all such powers and do all such things as the Board is authorised to exercise and do in relation to the Estate. Section 10 - Duties of persons in-charge of management of the Estate (1) On the vesting of the management of the Estate in the Board all persons incharge of the management of the Estate immediately before such vesting shall be bound to deliver to the Board all assets, books of accounts, registers or other documents in their custody relating to the Estate. (2) The State Government may issue such directions as it may deem desirable in the circumstances of the case to the Board and the Board may also, if it is considered necessary so to do, apply to the State Government at any time for instructions as to the manner in which the management of the Estate shall be conducted in relation to any other matter arising in the course of such management. Section 11 - Duty of persons to account.....

Estate Duty Act, 1953 [Repealed] Section 62

Title: Rectification of Mistakes Relating to Valuation for Estate Duty

State: Central

Year: 1953

.....approval of the Board, at any time within three years from the date on which the estate duty was first determined. (a) refund the excess duty paid, or as the case may be, (b) determine the additional duty payable on the property: Provided that where the person accountable had fraudulently under estimated the value of any property or omitted and property the period shall be six year: Provided further that no order shall be made under this sub-section unless the person accountable has been given an opportunity of being heard. (2) Nothing contained in sub-section (1) shall render any person accountable to whom a certificate that the estate duty has been paid is granted liable for any additional duty in excess of the assets of the deceased which are still in his possession, unless the person accountable had fraudulently attempted to evade any part of the estate duty in the first instance.

Estate Duty (Distribution) Act, 1962 [Repealed] Section 3

Title: Distribution of Net Proceeds of Estate Duty Assigned to the States

State: Central

Year: 1962

.....and brought into assessment in that financial year bears to the total gross value of all property brought into assessment in that year; (d) 'property" does not include agricultural land; (e) any property situated outside India shall be deemed to be situated in the State or, as the case may be, the Union Territory wherein the value of such property has been brought into assessment. ________________________ 1. Substituted for the words, figures and letters "the financial year commencing on the 1st day of April, 1984" by Estate Duty (Distribution) Amendment Act (Act 28 of 1985) w.e.f 01.04.1985. 2. Substituted for the words "be distributed, provisionally" by Estate Duty (Distribution) Amendment Act (Act 28 of 1985) w.e.f 01.04.1985.

Government Management of Private Estates Act, 1892 Preamble 1

Title: Government Management of Private Estates Act, 1892

State: Central

Year: 1892

THE GOVERNMENT MANAGEMENT OF PRIVATE ESTATES ACT, 1892 [Act, No. 10 of 1892] [AS ON 1958] [25th October, 1892] PREAMBLE An Act to provide for the levy of a rate on private estates under the management of the Government to meet the cost of supervision and management. WHEREAS it is expedient to provide for the levy of a rate on private estates under the management of the Government to cover the cost of all Government establishments in so far as they are employed in the supervision and management of such estates, other than establishments specially entertained for any particular estate or group of estates, and to meet all contingent expenditure incurred by the Government in connection with such supervision and management; It is hereby enacted as follows:-