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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Clarification on Estate Duty Act: Use First Death Property Value for Duty Reduction on Second Death (Section 31).</h1> The circular addresses the interpretation of Section 31 of the Estate Duty Act concerning the calculation of estate duty upon the second death. It clarifies that when the value of the property on the second death exceeds that on the first death, the value from the first death should be used for calculating the duty reduction under Section 31. The Board clarifies that this substitution is not for determining the average duty rate but for calculating the duty related to the property eligible for relief. This instruction resolves doubts about the correct application of the proviso to Section 31.
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