https://www.taxtmi.com/caselaws?id=8238 A verified claim under the Displaced Persons (Claims) Act, 1950, and the bare statutory right to apply for compensation under section 4 of the 1954 Act are not property for estate duty, because they do not create an existing proprietary interest and are no more than a right to seek determination. The right to receive net compensation determined under section 7(3) of the 1954 Act is property, since it is a heritable and transferable statutory entitlement capable of monetisation and may pass on death under the Estate Duty Act. For valuation under section 36, the right must be assessed at its open-market price on the date of death, not automatically at a later quantified amount. en-us Tue, 02 Dec 1969 00:00:00 +0530 Mon, 06 Apr 2009 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8238 A verified claim under the Displaced Persons (Claims) Act, 1950, and the bare statutory right to apply for compensation under section 4 of the 1954 Act are not property for estate duty, because they do not create an existing proprietary interest and are no more than a right to seek determination. The right to receive net compensation determined under section 7(3) of the 1954 Act is property, since it is a heritable and transferable statutory entitlement capable of monetisation and may pass on death under the Estate Duty Act. For valuation under section 36, the right must be assessed at its open-market price on the date of death, not automatically at a later quantified amount. Case-Laws Income Tax Tue, 02 Dec 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8238