Amendment of Act 34 section 1953

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....y:- "50B. Relief from estate duty where tax has been paid on capital gains.-- Where any property on which estate duty is leviable under this Act is transferred within a period of two years following the death of the deceased and tax under the Income-tax, Act, 1961, (43 of 1961) has been paid in respect of the capital, gains arising from such transfer, the estate duty payable shall be reduced ....

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....may be agreed upon between the Central Government and that person, and thereupon such person shall deliver possession of the property to such authority as may be specified by that Government in this behalf. (2) Notwithstanding anything contained in any other law for the time being in force, on the date the possession of the property is delivered to the authority under sub-section (1)- (i) the ....