https://www.taxtmi.com/caselaws?id=26232 For estate duty valuation on the cesser of a life interest, the principal value is to be determined by reference to the market price at the date of death. The text states that section 40 of the Estate Duty Act, 1953 cannot be read in isolation from section 36, because the property must be valued as it would be sold subject to any burden affecting its price. Where the deceased's life interest ends and a new life interest in favour of the son arises simultaneously on death, an intending purchaser would take that burden into account in fixing value. The property must therefore be assessed after allowing for the son's life interest. en-us Mon, 07 Mar 1983 00:00:00 +0530 Wed, 03 Feb 2010 16:12:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26232 For estate duty valuation on the cesser of a life interest, the principal value is to be determined by reference to the market price at the date of death. The text states that section 40 of the Estate Duty Act, 1953 cannot be read in isolation from section 36, because the property must be valued as it would be sold subject to any burden affecting its price. Where the deceased's life interest ends and a new life interest in favour of the son arises simultaneously on death, an intending purchaser would take that burden into account in fixing value. The property must therefore be assessed after allowing for the son's life interest. Case-Laws Income Tax Mon, 07 Mar 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26232