Kerala HC: USA insurance exempt from estate duty

The Kerala HC held that insurance amount received from the USA is exempt from estate duty under section 21(1)(b) of the Estate Duty Act. The Tribunal's decision for the assessee was upheld, stating movable property outside India at death is not included in the estate. Rule 8 applies to movable property location, with the insurance amount deemed situated where the policy dictates payment.

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The Kerala High Court ruled that the insurance amount received by the accountable person from the USA is exempt from estate duty under section 21(1)(b) of the Estate Duty Act. The Tribunal's decision in favor of the assessee was upheld. The movable property situated outside India at the time of death is not includible in the estate. Rule 8 applies to the location of movable property, and the insurance amount is deemed to be situated where the policy provides for payment.

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