Inheritance Tax - Law Dictionary Search Results
Home Dictionary Name: inheritance tax Page 1 of about 48 results ( seconds)inheritance tax
inheritance tax : an excise tax that is levied upon the privilege of receiving property as heir or next of kin under the law of intestacy and that is measured by the value of the property received compare estate tax ...
Purchaser
Purchaser, a buyer, a vendee; also the root of descent, from whom, under the (English) Inheritance Act, 1833, the descent was in every case to be traced, before 1926, and now, as to a limitation to the heir taking effect as purchaser (see previous title, and (English) L.P. Act, 1925, s. 132).The statute enacts that in every case descent shall be traced from the purchaser; and to the intent that the pedigree may never be carried further back than the circumstances of the case and the nature of the title shall require, the person last entitled to the land (which expression extends to the last person who had a right thereto, whether he did or did not obtain the possession or the receipt of the rents and profits thereof (s. 1)), is, for the purposes of the Act, to be considered to have been the purchaser thereof, unless it shall be proved that he inherited the same, in which case the person from whom be inherited the same shall be considered to have been the purchaser, unless it shall be p...
Freehold
Freehold, one of the two chief tenures known in ancient times by the phrase 'tenure in free socage,' and the only free lay-mode of holding property. It is derived from the feudal system, but the services connected with it were honourable and mild. The annihilation of the feudal severities has left this tenure unshackled, and by far the greater part of the real property in this country is freehold.Such an interest in lands of frank tenement as may endure not only during the owner's life, but which is cast after his death upon the persons who successively represent him. Such persons were called heirs, and he whom they thus represented, the ancestor. When the interest extended beyond the ancestor's life, it was called a freehold of inheritance, and when it only endured for the ancestor's life, it was a freehold not of inheritance.An estate to be a freehold must possess these two qualities: (1) immobility, that is, the property must be either land or some interest issuing out of or annexed...
Hindu Law
Hindu Law, the word 'Hindu law' have to be understood in a broad sense, having regard to s. 2 of the Hindu Succession Act, 1956 which dealt with the applicability of that Act to any person who is a Hindu by religion, Yagnapurushodasji v. Muldas, AIR 1996 SC 1109. S. 7(1) of Joint Family Abolition Act and s. 4(1)(a) of the Hindu Succession Act are identical in words. The marumakkathayam law [the marumakkathayam system of inheritance means the system of inheritance by descent from a common ancestress. It is called a matrilineal system of inheritance and is somewhat different from the patrilineal system of inheritance in the various branches of Hindu Law] was contained in the Travancore Nair Act and other analogous statutes made by the Kerala Legislature. By virtue of Joint Family Abolition Act there was a repeal of the customary principles of marumakkhathyam law, if any saved under s. 44 of the Travancore Nair Act, Chellama Kamalamma v. Narayana Pillai Prabhakaran Nair, AIR 1993 Ker 146;...
estate tax
estate tax : an excise in the form of a percentage of the taxable estate that is imposed on a property owner's right to transfer the property to others after his or her death called also succession tax see also unified transfer tax compare gift tax, inheritance tax ...
Nativo habendo
Nativo habendo, a writ that lay to a sheriff from a lord who claimed inheritance in any villein, when his villein had absconded, for the apprehending and restoring him to such lord. It was in the nature of a writ of right to recover inheritance in a villein; upon which the lord pursued his plaint, and declared thereupon, and the villein made his defence, so that the question of freedom was tried and determined, Fitz. N.B. 77....
death tax
death tax : a tax assessed on the transfer of property (as an estate, inheritance, legacy, or succession) after the transferor's death compare estate tax, generation-skipping transfer tax, gift tax ...
succession tax
succession tax 1 : estate tax 2 : inheritance tax ...
Hereditaments
Hereditaments, every kind of property that can be inherited; i.e., not only property which a person has by descent from his ancestors, but also that which he has by purchase, because his heir can inherit it from him. The two kinds of hereditaments are corporeal, which are tangible (in fact, they mean the same thing as land), and incorporeal, which are not tangible, and are the rights and profits annexed to, or issuing out of, land. It includes money held in trust to be laid out in land [Re Gosselin, (1906) 1 Ch 120].Any property that can be inherited; anything that passes by intestacy, Black's Law Dictionary, 7th Edn., p. 730.The enumeration of incorporeal hereditaments in Hale's Analysis (p. 48) is the following:-Rents, services, tithes, commons, and other profits in alieno solo, pensions, offices, franchises, liberties, villains, dignities. But Blackstone enumerates ten principal kinds:-Advowsons, tithes, commons, ways, offices, dignities, franchises, corodies or pensions, annuities,...
Tail
Tail [fr. tailler, Fr., to prune]. An estate-tail was formerly a freehold of inheritance and is now an equitable interest which may be created after 1925 in respect of personalty as well as realty by way of trust and which (if not barred or disposed of by will after 1925) will devolve inequity on the person who would have taken realty as heir of the body or as tenant by the curtesy if the Law of Property Act, 1925, had not been passed [s. 130 (4) (ibid.)]The limitation of an estate so that it can be inherited only by the fee owner's issue or class of issue, Black's Law dictionary 7th Edn., p. 1466.An estate-tail in land now constitutes a settlement. [(English) Settled Land Act, 1925, s. 1]With this and other statutory modifications under the (English) Law of Property Act, 1925, the rules relating to this form of estate are still applicable (a) in the investigation of all titles to land in existence on the 31st December, 1925; (b) in the construction of equitable interests into which th...
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