https://www.taxtmi.com/caselaws?id=17681 A dwelling house valued below Rs. 1 lakh and used as a residence qualified as an exempt asset under section 33(1)(n) of the Estate Duty Act, 1953. A liability secured by collateral on life insurance policies was not an encumbrance deductible again from the house value, because the security stood discharged and the insurance proceeds became payable to the accountable person. The loan amount was deductible only from the policy proceeds, while separate deductions for Housing Board dues and property tax remained admissible. Wealth-tax principles on mortgage-induced depression of value did not control the estate duty computation. en-us Mon, 22 Jul 1996 00:00:00 +0530 Thu, 24 Sep 2009 11:29:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17681 A dwelling house valued below Rs. 1 lakh and used as a residence qualified as an exempt asset under section 33(1)(n) of the Estate Duty Act, 1953. A liability secured by collateral on life insurance policies was not an encumbrance deductible again from the house value, because the security stood discharged and the insurance proceeds became payable to the accountable person. The loan amount was deductible only from the policy proceeds, while separate deductions for Housing Board dues and property tax remained admissible. Wealth-tax principles on mortgage-induced depression of value did not control the estate duty computation. Case-Laws Income Tax Mon, 22 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17681