Inheritance Tax - Law Dictionary Search Results
Home Dictionary Name: inheritance tax Page: 3Descent
Descent, one of the two chief methods of acquiring an estate in lands before 1926. It is defined in the interpretation clause of the Inheritance Act, 1833 (3 & 4 Wm. 4, c. 106), as 'the title to inherit lands by reason of consanguinity, as well where the heir shall be an ancestor or collateral relation as where he shall be a child or other issue.'-Consult Watkins on Descents; Sugden's R. P. Stats., ch. iv. See INHERITANCE....
Annuity
Annuity, in order to constitute an annuity, the payment to be made periodically should be a fixed or predetermined one, and it should not be liable to any variation depending upon or on any ground relating to the general income of the fund or estate which is charged for such payment, CWT v. P. K. Banerjee, (1981) 1 SCC 63 (75): AIR 1981 SC 401. [Wealth-Tax Act, 1957, s. 2(e)(1)(iv)]It is a right to receive a specified sum and not an aliquot share in the income arising from any fund or property. Ordinarily an annuity is a money payment of a fixed sum annually made and is a charge personally on the grantor, CWT v. Arundhati Balkrishna, (1970) 1 SCC 561 (565): AIR 1971 SC 915. [Wealth Tax Act, 1957, s. 2(e)(iv)]An annuity is a fixed sum payable annually either in perpetuity or for any less period. When charged upon land either freehold or leasehold both, exclusively of purely personal estate, it is strictly a rent charge; see (English) Real Property Limitation Act, 1833 (3 & 4 Will. 4, c....
Occupancy
Occupancy, mere possession or use either by agreement or otherwise without other claim (if any) to the ownership or enjoyment of property, also taking possession of land to which no one else lays claim or without leave of the owner.The right of occupancy has been confined by the laws of England within a very narrow compass, e.g., where a person was tenant pur autre vie, or had an estate granted to himself only (without mentioning his heirs) for the life of another man, and died without alienation, during the life of the cestui que vie, or him by whose life it was holden; in this case, he that entered first on the land was called the occupant or common occupant and might lawfully retain the possession so long as the cestui que vie lived, by right of occupancy, see Re Michell, Moore v. Moore, (1892) 2 Ch 96. The title of common occupancy is now, in effect abolished, for it is enacted by the Wills Act, 1837, s. 3, that an estate pur autre vie, of whatever tenure, and whether it be an inco...
property
property pl: -ties [Anglo-French propreté proprieté, from Latin proprietat- proprietas, from proprius own, particular] 1 : something (as an interest, money, or land) that is owned or possessed see also asset, estate, interest, possession abandoned property : property to which the owner has relinquished all rights NOTE: When property is abandoned, the owner gives up the reasonable expectation of privacy concerning it. The finder of abandoned property is entitled to keep it, and a police officer may take possession of abandoned property as evidence without violating the Fourth Amendment to the U.S. Constitution. after-acquired property 1 : property (as proceeds) that a debtor acquires after the commencement of a bankruptcy case and that is usually considered part of the bankruptcy estate 2 : property acquired after the perfection of a lien or security interest ;esp : such property acquired after the creation of a lien or security interest that is subject to the lien or...
Quasi-entail
Quasi-entail. An estate pur autre vie may be granted, not only to a man and his heirs, but to a man and the heirs of his body, which is termed a quasi-entail; the interest so granted not being properly an estate-tail (for the statute De Donis applies only where the subject of the entail is an estate of inheritance), but yet so far in the nature of an estate-tail, that it will go to the heir of the body as special occupant during the life of the cestui que vie, in the same manner as an estate of inheritance would descend, if limited to the grantee and the heirs of his body. And such estate may also be granted with a remainder thereon during the life of the cestui que vie; and the alienation of the quasi tenant-in-tail will bar not only his issue, but those in remainder. The alienation, however, for that purpose (unlike that of an estate-tail, properly so called), might, before 1926, have been effected by any method of conveyance except a will; after 1926, these estates became equitable ...
Will, Estate at
Will, Estate at. This estate entitled the grantee or lessee to the possession of land during the pleasure of both the grantor and himself, yet it creates no sure or durable right, and is bounded by no definite limits as to duration. It must be at the reciprocal will of both parties expressly or by implication (Co. Litt. 55 a), and the dissent of either determines it. The grantee cannot transfer the estate to another, although after he has entered into possession he may accept a release of the inheritance from the grantor, for there exists a privity between them. It must end at the death of either party, for death deprives a person of the power of having any will. If a lessee for years accept an estate at will in the property lease, his term of years would in law be surrendered.An estate at will is created either by the stipulation or express agreement of the parties, or by construc-tion of law.S. 54 of the Law of Property Act, 1925, enacts that a lease by parol for a longer term than t...
Ownership
Ownership, does not always mean absolute dominion. The more an owner, for his advantage, opens up his property for use by the public in general, the more do his rights become circumscribed by the statutory and constitutional powers of those who use it, Marsh v. Alabama, 326 US 501, 506: 66 S Ct 276, 278 (1946) (Black, J.).Means the collection of rights following one to use and enjoy property. Including the right to convey it to possess a thing, regardless of any actual or constructive control. Ownership rights are general, permanent and inheritable, Black's Law Dictionary, 7th Edn., p. 1131.Means to possess, to have or hold as property, State of Uttar Pradesh v. Renusagar Power Co., (1998) 4 SCC 59: AIR 1988 SC 1737.The ownership has been defined as 'collection of rights to use and enjoy property, including right to transmit it to others. Ownership is de jure recognition of a claim to certain property. Possession is the objective realisation ownership. It is the de facto exercise of a ...
Free-bench
Free-bench [sedes libera, Lat.], a widow's dower out of copyholds to which she was entitled by the custom of some manors. It is regarded as an excrescence growing out of the husband's interest, and is indeed a continuance of his estate.The term free-bench is equally applicable to the estate which, by the custom of some manors, a husband takes in his wife's copyhold lands after her death, and anciently it was indiscriminately applied to that and to the widow's dower, but now the estate of the husband is called his curtesy, while the term free-bench is confined to the widow.Since free-bench is only claimable by special custom, the estate which a widow is to take, both as to its quantity, quality, and duration, must be such as the custom prescribes. It is generally a third for her life, as at Common Law, but it is sometimes a fourth part only, and sometimes but a portion of the rent. In many manors the wife takes the whole for her life, in others she takes the inheritance.Frequently the c...
Baron
Baron [fr. beorn, Sax., noble], the fifth and lowest degree of nobility, next to a viscount, and above that of a knight or baronet. In the Salic Law it signifies free-born. The present barons are-(1) By prescription; for that they and their ancestors have immemorially sat in the Upper House.(2) Barons by patent, having obtained a patent of this dignity to them and their heirs, male or otherwise. (3) Barons by tenure, holding the title as annexed to land; it is said that it is the possession of their ancient landed territories which imparts the barony to the bishops, there by giving them a place in the Upper House, although they hold by succession, not by inheritance; but it is rather thought that they sit in the Upper House by immemorial usage....
Monster
Monster. An animal which has not the shape of mankind, but, in any part, evidently bears the resemblance of the brute creation, has no inheritable blood, and cannot be heir to any land, although it be brought forth in marriage; but, though it have deformity in any part of its body, yet, if it have human shape, it may be an heir, Co. Litt. 7 b; 2 Bl. Com. 246....
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