https://www.taxtmi.com/caselaws?id=12930 Property already vested in a legatee before the valuation date cannot be included in the executor's net wealth. The New Palace at Morvi had been recognised by notification as the official residence of the Ruler, and the record showed that it had devolved on the legatee on the relevant valuation dates. On that basis, the asset was not treated as belonging to the executrix for net wealth purposes. The Court also noted that section 19A(6) excluded from net wealth any estate asset already allotted or applied for the benefit of a legatee before the valuation date. The value of the palace was therefore excluded from the assessee's net wealth. en-us Wed, 05 Dec 2001 00:00:00 +0530 Mon, 25 May 2009 13:15:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12930 Property already vested in a legatee before the valuation date cannot be included in the executor's net wealth. The New Palace at Morvi had been recognised by notification as the official residence of the Ruler, and the record showed that it had devolved on the legatee on the relevant valuation dates. On that basis, the asset was not treated as belonging to the executrix for net wealth purposes. The Court also noted that section 19A(6) excluded from net wealth any estate asset already allotted or applied for the benefit of a legatee before the valuation date. The value of the palace was therefore excluded from the assessee's net wealth. Case-Laws Income Tax Wed, 05 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12930