Estate duty amendments expand cooperative housing exemptions, align residential property valuation with wealth-tax rules, and revise exemption thresholds. The Amendment Act inserts a new section treating the deceased's interest in buildings allotted or leased by cooperative housing societies and adds an exemption for certain deposits with such societies. It aligns valuation of one residential house with Wealth-tax Act methods and revises the Second Schedule to raise the exemption limit and restructure estate duty rates.
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Estate duty amendments expand cooperative housing exemptions, align residential property valuation with wealth-tax rules, and revise exemption thresholds.
The Amendment Act inserts a new section treating the deceased's interest in buildings allotted or leased by cooperative housing societies and adds an exemption for certain deposits with such societies. It aligns valuation of one residential house with Wealth-tax Act methods and revises the Second Schedule to raise the exemption limit and restructure estate duty rates.
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