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of <h1>Reassignment of Life Insurance Policies Post-Estate Duty Abolition: Guidelines for Income Tax and Estate Duty Commissioners.</h1> The circular addresses the reassignment of life insurance policies initially taken to pay estate duty, which was discontinued for deaths occurring after March 16, 1985. It instructs all Commissioners of Income-tax and Controllers of Estate Duty to reassign these policies to policyholders. The process involves categorizing policies into two groups: those originally for estate duty and those later assigned to the President of India. The former should be handed to the Life Insurance Corporation (LIC) with records maintained, while the latter requires reassignment by the Controller of Estate Duty, with notices sent to LIC. Completion is urged by March 31, 1987.
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