https://www.taxtmi.com/caselaws?id=38356 A nomination under an insurance policy does not transfer beneficial ownership of the policy moneys to the nominee; the nominee only receives the amount from the insurer, while the money remains part of the deceased's estate and available to creditors. On that footing, insurance moneys under nominated policies can be treated as part of the free estate for estate duty purposes, and unsatisfied debts of the free estate may be deducted in computing the net estate under the Estate Duty Act. The deduction claimed was therefore allowable. en-us Thu, 30 Jun 1977 00:00:00 +0530 Mon, 05 Apr 2010 17:10:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38356 A nomination under an insurance policy does not transfer beneficial ownership of the policy moneys to the nominee; the nominee only receives the amount from the insurer, while the money remains part of the deceased's estate and available to creditors. On that footing, insurance moneys under nominated policies can be treated as part of the free estate for estate duty purposes, and unsatisfied debts of the free estate may be deducted in computing the net estate under the Estate Duty Act. The deduction claimed was therefore allowable. Case-Laws Income Tax Thu, 30 Jun 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38356