https://www.taxtmi.com/caselaws?id=37813 Under the Estate Duty Act, deductions for family liabilities must reflect the deceased's actual share in partitioned assets rather than a fixed fractional share where additional gifted assets formed part of the partition. A Hindu undivided family partition adjusts antecedent rights and does not create a taxable gift merely because a member receives less than a notional entitlement. Jewellery must be valued at its open-market price on the date of death; a later sale is relevant only after adjustment for intervening market changes. Life insurance policies funded from joint family funds are not deemed to pass merely through nomination, as they were not kept up by the deceased individually. en-us Mon, 30 Jan 1978 00:00:00 +0530 Thu, 01 Apr 2010 12:16:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37813 Under the Estate Duty Act, deductions for family liabilities must reflect the deceased's actual share in partitioned assets rather than a fixed fractional share where additional gifted assets formed part of the partition. A Hindu undivided family partition adjusts antecedent rights and does not create a taxable gift merely because a member receives less than a notional entitlement. Jewellery must be valued at its open-market price on the date of death; a later sale is relevant only after adjustment for intervening market changes. Life insurance policies funded from joint family funds are not deemed to pass merely through nomination, as they were not kept up by the deceased individually. Case-Laws Income Tax Mon, 30 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37813