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of <h1>Rule 1B of Wealth Tax Rules, 1957: Omitted Valuation Method for Life Interest Explained</h1> Rule 1B of the Wealth Tax Rules, 1957, which was omitted in 1989, previously outlined the method for valuing a life interest for wealth tax purposes. The valuation was calculated by multiplying the average annual income from the life interest by a specific formula involving life insurance premiums and interest rates. The rule defined terms such as 'life tenant' and 'average annual income' and set limitations on deductions and interest rates. The Wealth-tax Officer had discretion to adjust valuations if standard insurance rates were not applicable, ensuring the value did not exceed the trust's market value.
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