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of <h1>CBDT Withdraws Exemption for Partner's House in Firm Under Estate Duty Act, Section 33(1)(n) After Review.</h1> The Central Board of Direct Taxes (CBDT) issued an instruction on December 10, 1985, regarding the exemption under section 33(1)(n) of the Estate Duty Act, 1953, concerning a house owned by a firm where the deceased was a partner. Initially, it was considered that such a house could qualify for exemption since a partner has an interest in the firm's property. However, upon re-examination prompted by the Comptroller and Auditor General of India, it was decided that a partner does not have a specific interest in any immovable property of the firm, and thus, the exemption is not applicable. Consequently, Circular No. 330 from March 27, 1982, was withdrawn.
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