Estate duty exemption for houses cannot apply where the property is firm-owned and partners lack specific property interests. Exemption under the Estate Duty Act for a house owned by a firm is not available where the house is an asset of the firm and the deceased was a partner, because a partner does not have an interest in a specific item of the firm's immovable property; consequently the earlier circular permitting such exemption is withdrawn.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Estate duty exemption for houses cannot apply where the property is firm-owned and partners lack specific property interests.
Exemption under the Estate Duty Act for a house owned by a firm is not available where the house is an asset of the firm and the deceased was a partner, because a partner does not have an interest in a specific item of the firm's immovable property; consequently the earlier circular permitting such exemption is withdrawn.
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