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of <h1>Section 33(1)(n) Exemption: Deceased Partner's Interest in Firm's House Qualifies for Estate Duty Act Exemption.</h1> The circular addresses the applicability of an exemption under section 33(1)(n) of the Estate Duty Act, 1953, concerning a house owned by a firm where the deceased was a partner and resided at the time of death. The Board, after consulting the Ministry of Law, clarifies that a firm lacks legal existence, and partnership property is collectively owned by all partners. Thus, the deceased's interest in the partnership property qualifies for the exemption, as the term 'belong' includes partial ownership. The circular instructs that this information be communicated to relevant officers.
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