https://www.taxtmi.com/caselaws?id=24109 A nomination under Section 39 of the Insurance Act, 1938 confers only a right to receive policy money and does not transfer beneficial ownership in the insurance proceeds. On the insured's death, the amount payable to the nominated wife and sons therefore remained part of the deceased's estate and was includible in the principal value of the estate for estate duty purposes. The Madhya Pradesh High Court rejected the contrary view that nomination itself makes the nominee owner of the policy money, and held that the proceeds do not cease to form part of the estate merely because they are payable to nominees. en-us Wed, 19 Apr 1989 00:00:00 +0530 Sat, 16 Jan 2010 16:47:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24109 A nomination under Section 39 of the Insurance Act, 1938 confers only a right to receive policy money and does not transfer beneficial ownership in the insurance proceeds. On the insured's death, the amount payable to the nominated wife and sons therefore remained part of the deceased's estate and was includible in the principal value of the estate for estate duty purposes. The Madhya Pradesh High Court rejected the contrary view that nomination itself makes the nominee owner of the policy money, and held that the proceeds do not cease to form part of the estate merely because they are payable to nominees. Case-Laws Income Tax Wed, 19 Apr 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24109