Law:

Section:

Section 12 of the Estate Duty Act, 1953 - Settlement with reservation - Deceased had made a gift of certain property to one school, stipulating that same would vest in donor or his heirs in event of winding up of school - Whether value of deceased's interest alone in said property was includible under section 12 in deceased's estate and not value of entire property - Held, yes Section 33(1)(n) of the Estate Duty Act, 1953 - Exemptions - Residential house - Deceased was not residing in his ancestral property - Whether deceased's share in said house was exempt on ground that same was kept for use by him for his residence - Held, yes FACTS Before his death the deceased made a gift of a building to one school, stipulating that the same would vest in the donor or his heirs in case the school became non-existent. The Assistant Controller included the value of this property in computation of the estate under section 10 on the ground that while making the gift the donor had retained his interest therein. On appeal, the Appellate Controller, however, held that the document of gift was actually an arrangement to transfer the use of the property to the school, and what was retained by the donor was merely the right to recover the property in the event of winding up of the school, the value of such right being estimated at 10 per cent of the total value. On cross-appeals, the Tribunal was of the view that the donor's interest, if any, was to be included under section 12, and upheld the estimated value by the Controller as reasonable. The Appellate Controller had further found that the deceased was living with his son at the time of his death and the house property was joint and occupied by his nephew. He accordingly rejected the case of the accountable person for exemption of the house property under section 33(1)(n). On appeal, the Tribunal excluded the value of the property from computation of the value of the deceased's estate. On reference: HELD There was hardly any merit on the questions raised. On appreciation of all the facts, the Tribunal came to a reasonable conclusion. A.C. Moitra and S.K. Chakraborty for the Applicant. JUDGMENT Sen, J.-The following two…

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