https://www.taxtmi.com/caselaws?id=6121 While valuing a remainderman's interest in trust property for wealth-tax, probable estate duty payable on the deemed death of the life tenant was a relevant diminishing factor. The Court treated that liability as an encumbrance affecting the price a willing and informed buyer would pay on the valuation date, because the remainder interest was only a future right to receive the property. The wealth-tax valuation had to reflect the legal burden that would reduce the ultimate market value of the interest, and deduction of the estate duty liability from market value was upheld in favour of the assessee. en-us Wed, 16 Apr 2003 00:00:00 +0530 Tue, 02 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6121 While valuing a remainderman's interest in trust property for wealth-tax, probable estate duty payable on the deemed death of the life tenant was a relevant diminishing factor. The Court treated that liability as an encumbrance affecting the price a willing and informed buyer would pay on the valuation date, because the remainder interest was only a future right to receive the property. The wealth-tax valuation had to reflect the legal burden that would reduce the ultimate market value of the interest, and deduction of the estate duty liability from market value was upheld in favour of the assessee. Case-Laws Wealth-tax Wed, 16 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6121