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Issues: Whether, for a residential house held in a Hindu undivided family, the exemption under section 33(1)(n) of the Estate Duty Act, 1953 is available on the full value of the house or only on the deceased's share, having regard to the scheme of sections 34 and 39 of the Act.
Analysis: The statutory scheme treats section 39(3) as a provision for valuing joint family property and ascertaining the principal value of the estate. The exemption under section 33(1)(n) is tied to the property passing on death and therefore operates only on the deceased's interest in the residential house. The value of the deceased's share is first determined, while aggregation of the lineal descendants' shares for rate purposes under section 34 is made independently and without extending the residential-house exemption to those shares. The view consistently taken by the Madras and Karnataka High Courts was preferred over the contrary view of the Andhra Pradesh High Court.
Conclusion: The exemption under section 33(1)(n) is restricted to the deceased's share in the residential house and does not extend to the entire house property.
Ratio Decidendi: In a joint Hindu family residential house, exemption under section 33(1)(n) of the Estate Duty Act, 1953 applies only to the deceased's interest, and the statutory process of valuation and aggregation under sections 34 and 39 does not enlarge that exemption to the entire property.
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