https://www.taxtmi.com/caselaws?id=12352 For wealth-tax valuation of remaindermen's interest in trust property, probable estate duty payable on the life tenant's death was treated as a permissible deduction because market value under section 7 must reflect what a willing buyer would pay for the property actually available on the valuation date. The rate of interest taken from the Wealth-tax Rules for valuing life interest was upheld for jewellery forming the corpus, as no contrary material displaced that basis. Deduction under section 5(1)(xxvi) was also allowed for bank deposits on the footing that the beneficiary, as the person beneficially entitled, was the relevant owner for wealth-tax purposes. en-us Thu, 05 Mar 1998 00:00:00 +0530 Mon, 22 Feb 2010 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12352 For wealth-tax valuation of remaindermen's interest in trust property, probable estate duty payable on the life tenant's death was treated as a permissible deduction because market value under section 7 must reflect what a willing buyer would pay for the property actually available on the valuation date. The rate of interest taken from the Wealth-tax Rules for valuing life interest was upheld for jewellery forming the corpus, as no contrary material displaced that basis. Deduction under section 5(1)(xxvi) was also allowed for bank deposits on the footing that the beneficiary, as the person beneficially entitled, was the relevant owner for wealth-tax purposes. Case-Laws Wealth-tax Thu, 05 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12352