https://www.taxtmi.com/caselaws?id=7735 Fixed recurring payments created by trust deeds may qualify as an annuity for wealth-tax purposes where they are a definite annual sum and not an aliquot share of fluctuating trust income. If the settlement directs payment out of income only, preserves the corpus for other beneficiaries, and contains no provision for satisfaction by capital, the annuity is not capable of commutation into a lump sum. On that basis, the capitalised value of such recurring payments is excluded from net wealth under section 2(e)(iv) of the Wealth-tax Act, 1957. en-us Wed, 03 Sep 1969 00:00:00 +0530 Wed, 18 Mar 2009 16:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7735 Fixed recurring payments created by trust deeds may qualify as an annuity for wealth-tax purposes where they are a definite annual sum and not an aliquot share of fluctuating trust income. If the settlement directs payment out of income only, preserves the corpus for other beneficiaries, and contains no provision for satisfaction by capital, the annuity is not capable of commutation into a lump sum. On that basis, the capitalised value of such recurring payments is excluded from net wealth under section 2(e)(iv) of the Wealth-tax Act, 1957. Case-Laws Wealth-tax Wed, 03 Sep 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7735