Annuity asset valuation: commuted annuity value includible in net wealth for wealth-tax, calculated per commuted value table. The right to receive annuities on annuity deposits is an asset includible in net wealth because such annuities can be commuted under the proviso to section 280D of the Income-tax Act. The value to be included as at the valuation date is the amount payable on commutation, calculated in accordance with the 'Table commuted value of annuities' in the Annuity Deposit Scheme, using unit-wise computation for Rs.1,000, Rs.100 and Rs.10 components.
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Provisions expressly mentioned in the judgment/order text.
Annuity asset valuation: commuted annuity value includible in net wealth for wealth-tax, calculated per commuted value table.
The right to receive annuities on annuity deposits is an asset includible in net wealth because such annuities can be commuted under the proviso to section 280D of the Income-tax Act. The value to be included as at the valuation date is the amount payable on commutation, calculated in accordance with the "Table commuted value of annuities" in the Annuity Deposit Scheme, using unit-wise computation for Rs.1,000, Rs.100 and Rs.10 components.
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