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Home Bare Acts Phrase: variable annuityIndian Succession Act, 1925 Chapter 20
Title: Of Bequests of Annuities
State: Central
Year: 1925
.....his life purchased for him or to receive such a sum as Will be sufficient for the purchase of such an annuity. (ii) A bequeaths a fund to B for his life, and directs that after B's death, it shall be laid out in the purchase of an annuity for C. B and C survive the testator. C dies in B's lifetime. On B's death the fund belongs to the representative of C. Section 175 - Abatement of annuity Where an annuity is bequeathed, but the assets of the testator are not sufficient to pay all the legacies given by the Will, the annuity shall abate in the same proportion as the other pecuniary legacies given by the Will. Section 176 - Where gift of annuity and residuary gift, whole annuity to be first satisfied Where there is a gift of an annuity and a residuary gift, the whole of the annuity is to be satisfied before any part of the residue of paid to the residuary legatee, and, if necessary, the capital of the testator's estate shall be applied for that purpose.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 80C
Title: Deduction in Respect of Life Insurance Premia, Deferred Annuity, Contributions to Provident Fund, Subscription to Certain Equity Shares or Debentures, Etc.
State: Central
Year: 1961
.....finance for construction or purchase of houses in India for residential purposes which is eligible for deduction under clause (viii) of sub-section (1) of section 36, or (6) any company in which the public are substantially interested or any co-operative society, where such company or cooperative society is engaged in the business of financing the construction of houses, or (7) the assessees employer where such employer is an authority or a board or a corporation or any other body established or constituted under a Central or State Act, or (8) the assessees employer where such employer is a public company or a public sector company or a university established by law or a college affiliated to such university or a local authority or a co-operative society; or (d) stamp duty, registration fee and other expenses for the purpose of transfer of such house property to the assessee, but shall not include any payment towards or by way of (A) the admission fee, cost of share and initial deposit which a shareholder of a company or a member of a co-operative society has to pay for becoming such shareholder or member; or (B) the cost of any addition or alteration to,.....
View Complete Act List Judgments citing this sectionIndian Succession Act, 1925 Section 174
Title: Period of Vesting Where Will Directs That Annuity Be Provided out of Proceeds of Property, or out of Property Generally, or Where Money Bequeathed to Be Invested in Purchase of Annuity
State: Central
Year: 1925
Where the Will directs that an annuity shall be provided for any person out of the proceeds of property, or out of property generally, or where money is bequeathed to be invested in the purchase of any annuity for any person, on the testator's death, the legacy vests in interest in the legatee, and he is entitled at his option to have an annuity purchased for him or to receive the money appropriated for that purpose by the Will. Illustrations (i) A by his Will directs that his executors shall, out of his property, purchase an annuity of 1,000 rupees for B. B is entitled at his option to have an annuity of 1,000 rupees for his life purchased for him or to receive such a sum as Will be sufficient for the purchase of such an annuity. (ii) A bequeaths a fund to B for his life, and directs that after B's death, it shall be laid out in the purchase of an annuity for C. B and C survive the testator. C dies in B's lifetime. On B's death the fund belongs to the representative of C.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 80CCA
Title: Deduction in Respect of Deposits Under National Savings Scheme or Payment to a Deferred Annuity Plan
State: Central
Year: 1961
.....of persons has been dissolved after a deduction has been allowed under sub-section (1), the provisions of sub-section (2) shall apply as if the person in receipt of income referred to therein is the assessee. Explanation I : For the removal of doubts, it is hereby declared that interest on the deposits made under the scheme referred to in clause (i) of sub-section (1) shall not be chargeable to tax except in the manner and to the extent specified in sub-section (2). Explanation II : For the purposes of this section, Life Insurance Corporation shall have the same meaning as in clause (a) of sub-section (8) of section 80C*. _________________ * Reference to section 80C needs correction.
View Complete Act List Judgments citing this sectionIndian Succession Act, 1925 Section 173
Title: Annuity Created by Will Payable for Life Only Unless Contrary Intention Appears Will
State: Central
Year: 1925
Where an annuity is created by Will, the legatee is entitled to receive it for his life only, unless a contrary intention appears by the Will, notwithstanding that the annuity is directed to be paid out of the property generally, or that a sum of money is bequeathed to be invested in the purchase of it. Illustrations (i) A bequeaths to B 500 rupees a year. B is entitled during his life to receive the annual sum of 500 rupees. (ii) A bequeaths to B the sum of 500 rupees monthly. B is entitled during his life to receive the sum of 500 rupees every month. (iii) A bequeaths an annuity of 500 rupees to B for life, and on B's death to C. B is entitled to an annuity of 500 rupees during his life. C, if he survives B, is entitled to an annuity of 500 rupees from B's death until his own death.
View Complete Act List Judgments citing this sectionIndian Succession Act, 1925 Chapter 9
Title: Of the Payment and Apportionment of Annuities
State: Central
Year: 1925
.....commencement, it shall commence from the testator's death, and the first payment shall be made at the expiration of a year next after that event. Section 339 - When annuity, to be paid quarterly or monthly, first falls due Where there is a direction that the annuity shall be paid quarterly or monthly, the first payment shall be due at the end of the first quarter, or first month, as the case may be, after the testator's death; and shall, if the executor or administrator thinks fit, be paid when due, but the executor or administrator shall not be bound to pay it till the end of the year. Section 340 - Dates of successive payments when first payment directed to be made within a given time or on day certain: death of annuitant before date of payment (1) Where there is a direction that the first payment of an annuity shall be made within one month or any other division of time from the death of the testator or on a day certain, the successive payments are to be made on the anniversary of the earliest day on which the Will authorises the first payment to be made. (2) If the annuitant dies in the interval between the times of payment, an apportioned share of the annuity.....
View Complete Act List Judgments citing this sectionEstate Duty Act, 1953 [Repealed] Section 16
Title: Annuity or Other Interest Purchased or Provided out of Property Derived from the Deceased
State: Central
Year: 1953
.....time entitled to or amongst whose resources there was at any time included, any property derived from the deceased, or, if it is proved to the satisfaction of the Controller that the application of all the property derived from the deceased would have been insufficient to provide the whole of that annuity or other interest, as if a similar annuity or interest of an amount reduced to an extent proportionate to the insufficiency proved had been provided by the deceased. Provided that for the purpose of determining whether there would have been any such insufficiency as aforesaid, and the extent thereof, there shall be excluded from the property derived from the deceased any part thereof as to which it is proved to the satisfaction of the Controller that the disposition of which it, or the property which it represented, was the subject-matter, was not made with reference to, or with a view to enabling or facilitating, the purchase or provision of the annuity or other interest, or the recoupment in any manner of the cost thereof. (2) In this section the following expressions have the meanings hereby assigned to them respectively, namely .- (a) "Property derived from the.....
View Complete Act List Judgments citing this sectionIndian Succession Act, 1925 Section 343
Title: Procedure when No Fund Charged With, or Appropriated to Annuity
State: Central
Year: 1925
Where an annuity is given and no fund is charged with its payment or appropriated by the Will to answer it, a Government annuity of the specified amount shall be purchased, or, if no such annuity can be obtained, then a sum sufficient to produce the annuity shall be invested for that purpose in securities of the kind mentioned-in section 341.
View Complete Act List Judgments citing this sectionFinance Act 1968 Chapter II
Title: Rates of Income-tax and Annuity Deposit
State: Central
Year: 1968
.....mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining. Explanation : For the purposes of this clause, a company shall be deemed to be mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining, if the income attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under Chapter VIA of the Income-tax Act) is not less than fifty-one per cent. of such total income; (e) "tax free security" means any security of the Central Government issued or declared to be income-tax free, or any security of a State Government issued income-tax free, the income-tax whereon is payable by the State Government; (f) all other words and expressions used in this section and the First Schedule but not defined in this sub-section and defined in the Income-tax Act shall have the meaning respectively assigned to them in that Act. Section 3.....
View Complete Act List Judgments citing this sectionWakf Act, 1995 Section 74
Title: Deduction of Contribution from Perpetual Annuity Payable to the Wakf
State: Central
Year: 1995
(1) Every authority empowered to disburse any perpetual annuity payable to a wakf under any law relating to the abolition of zamindaries or jagirs, or laying down land ceilings, shall, or receipt of a certificate from the Chief Executive Officer, specifying the amount of contribution payable by the wakf under section 72 which remains unpaid, deduct before making payment of the perpetual annuity to the wakf, the amount specified in such certificate and remit the amount so deducted to the Chief Executive Officer. (2) Every amount remitted under sub-section (1) to the Chief Executive Officer shall be deemed to be a payment made by the wakf and shall, to the extent of the amount so remitted, operate as a full discharge of the liability of such authority with regard to the payment of the perpetual annuity.
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