Statewise distribution of estate duty proceeds requires amended returns and State registers to allocate non agricultural property shares. The Seventh Finance Commission's recommendation that net estate duty proceeds from non agricultural property be distributed among States in proportion to the gross value of immovable and other property located in each State has been accepted. To implement this, return and assessment forms (ED 1, ED 1A, ED 5, ED 8) will be amended and Assistant Controllers must maintain State wise registers and prepare quarterly consolidated statements. Guidance is given on treating Union Territories as one unit, inclusion of duty collected on property abroad in the assessing State's share, and detailed rules for what constitutes the gross value of properties for allocation purposes.
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Statewise distribution of estate duty proceeds requires amended returns and State registers to allocate non agricultural property shares.
The Seventh Finance Commission's recommendation that net estate duty proceeds from non agricultural property be distributed among States in proportion to the gross value of immovable and other property located in each State has been accepted. To implement this, return and assessment forms (ED 1, ED 1A, ED 5, ED 8) will be amended and Assistant Controllers must maintain State wise registers and prepare quarterly consolidated statements. Guidance is given on treating Union Territories as one unit, inclusion of duty collected on property abroad in the assessing State's share, and detailed rules for what constitutes the gross value of properties for allocation purposes.
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