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Issues: Whether the exemption for a residential house under section 33(1)(n) of the Estate Duty Act, 1953, had to be allowed while computing the principal value of Hindu undivided family property under section 39(3), before determining the deceased coparcener's share and the lineal descendant's share.
Analysis: The scheme of the Act required valuation, aggregation, and exemption to operate together. Section 39(3) deems the whole joint family property to be the deceased's property for valuation purposes, and the exemption under section 33(1)(n) cannot be isolated from that computation. The residential house, though jointly owned, had to be excluded to the extent permissible before ascertaining the shares of the deceased and the lineal descendants. The same basis of computation applied to the lineal descendant's share as to the deceased's share, so that the rate could not be worked out on a figure that ignored the exemption in one case but not the other.
Conclusion: The exemption under section 33(1)(n) was rightly applied to the dwelling house before determining the shares in the joint family property, and the Department's contrary contention failed.
Ratio Decidendi: Under section 39(3) of the Estate Duty Act, 1953, the joint family property must be valued by applying the Act as far as may be to the whole property, and exemptions that affect valuation must be given effect to before the coparcener's share is worked out.
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