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of <h1>Trustees' Liability for Estate Duty on Provident Fund Payments u/s 53(1)(b) of Estate Duty Act Clarified.</h1> The circular addresses the liability of trustees under Section 53(1)(b) of the Estate Duty Act concerning payments to legal heirs or nominees of deceased provident fund members. Trustees are accountable for estate duty on assets managed by them and typically require an estate duty clearance certificate before releasing funds. To alleviate difficulties for legal heirs, the Board has allowed payments up to certain limits without such certificates, subject to conditions like affidavits and indemnity bonds. The Board has progressively increased these limits and extended similar procedures to certain insurance schemes, while trustees' statutory liability remains unchanged.
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