Exclusion of agricultural land from estate duty ends levy on qualifying farmland following statutory commencement and rule making procedures. The Amendment discontinues estate duty on agricultural land by excluding such land from levy under the principal Act, prescribes territorial application and commencement for specified States and Union territories and for other States upon legislative adoption, omits aggregation provisions for rate determination related to exempt State holdings, and revises the parliamentary laying and modification procedure for rules made under the principal Act while preserving prior valid acts under those rules.
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Exclusion of agricultural land from estate duty ends levy on qualifying farmland following statutory commencement and rule making procedures.
The Amendment discontinues estate duty on agricultural land by excluding such land from levy under the principal Act, prescribes territorial application and commencement for specified States and Union territories and for other States upon legislative adoption, omits aggregation provisions for rate determination related to exempt State holdings, and revises the parliamentary laying and modification procedure for rules made under the principal Act while preserving prior valid acts under those rules.
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