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of <h1>CBDT Updates Guidance on Estate Duty: Only Retained Interest in Gifted Property Subject to Duty u/s 10.</h1> The circular issued by the Central Board of Direct Taxes (CBDT) revises previous guidance regarding Section 10 of the Estate Duty Act. Initially, it was interpreted that the entire value of a gifted property was subject to estate duty if the donor retained any interest. However, following decisions from various High Courts, the CBDT now instructs that only the value of the interest retained by the deceased should be included in the estate's principal value. Any legal references based on the earlier interpretation should be withdrawn.
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