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<h1>Partnership capital gifts not part of estate under Estate Duty Act</h1> The High Court of Madhya Pradesh held that amounts withdrawn from a partnership's capital account and gifted to another party were not exclusively owned ... A Firm, Estate Duty Act, Principal Value Of Estate, Property Passing On Death The High Court of Madhya Pradesh held that amounts withdrawn from a partnership's capital account and gifted to another party were not exclusively owned by the individual making the gifts. Therefore, these amounts could not be included in the deceased individual's estate under the Estate Duty Act. The court's decision was based on the principle established in Munro's case. The court answered the reference question in the negative and directed each party to bear their own costs.
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