https://www.taxtmi.com/caselaws?id=58655 Residuary estate assets remain vested in executors until the residue is ascertained and they assent to, distribute, or apply the assets for a charitable trust. A residuary legatee has no complete interest before that point. Payment of estate duty does not itself transfer estate assets to the trust, and undistributed assets remain assessable in the executors' hands under the applicable wealth-tax and income-tax framework. Where no assent or appropriation in favour of the trust exists on the valuation dates, exemption for charitable trust property is unavailable and the assets are not assessable as trust property. en-us Fri, 03 Jan 1986 00:00:00 +0530 Tue, 21 Dec 2010 13:40:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58655 Residuary estate assets remain vested in executors until the residue is ascertained and they assent to, distribute, or apply the assets for a charitable trust. A residuary legatee has no complete interest before that point. Payment of estate duty does not itself transfer estate assets to the trust, and undistributed assets remain assessable in the executors' hands under the applicable wealth-tax and income-tax framework. Where no assent or appropriation in favour of the trust exists on the valuation dates, exemption for charitable trust property is unavailable and the assets are not assessable as trust property. Case-Laws Wealth-tax Fri, 03 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58655