https://www.taxtmi.com/caselaws?id=10136 Under the Estate Duty Act, unpaid instalments under a hire purchase arrangement for a house claimed as exempt residential property were not separately deductible as a debt from the estate. The deceased was treated as only a tenant until all instalments were paid and a conveyance executed, so the property was not fully owned for exemption purposes; however, the unpaid instalments were still a liability of the deceased. Because section 44 permits deduction only of debts and incumbrances from the value of the property liable thereto, and the house had already been valued at the full agreed price, the claimed separate deduction was disallowed. en-us Fri, 30 Jul 2004 00:00:00 +0530 Wed, 08 Jul 2009 07:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10136 Under the Estate Duty Act, unpaid instalments under a hire purchase arrangement for a house claimed as exempt residential property were not separately deductible as a debt from the estate. The deceased was treated as only a tenant until all instalments were paid and a conveyance executed, so the property was not fully owned for exemption purposes; however, the unpaid instalments were still a liability of the deceased. Because section 44 permits deduction only of debts and incumbrances from the value of the property liable thereto, and the house had already been valued at the full agreed price, the claimed separate deduction was disallowed. Case-Laws Income Tax Fri, 30 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10136