Section 38 - Amendment of Act 54 of 1953 - Finance Act, 1966

CHAPTER IV OTHER DIRECT TAXES 38. Amendment of Act 54 of 1953 In the Estate Duty Act, 1953,- (a) in section 9, in sub-section (1), for the words one year , the words two years shall be substituted; (b) in section 10, in the proviso, for the words one year , the words two years shall be substituted; (c) in section 11, in sub-section (2), for the words one year , wherever they occur, the words two years shall be substituted; (d) in section 12, in the proviso to sub-section (1), for the words one year , the words two years shall be substituted; (e) in section 22, for the words one year , the words two years shall be substituted; (f) in section 33, in sub-section (1),- (i) in clause (b), for the words one year , the words two years shall be substituted; (ii) after clause (m), the following clause shall be, and shall be deemed) to have been, inserted with effect from the 1st day of April, 1965, namely:- (mm) property belonging to the deceased who was a member of any police force (including a border security force) and was killed in any action in protecting the border; ; (g) in section 34, in clause (a) of sub-section (1), after the brackets and letter (m) , the brackets and letters (mm) shall be, and shall be deemed to have been, inserted with effect from the 1st day of April, 1965; (h) in section 40, in sub-section (2), for the Words one year , the words two years shall be substituted; (i) in the Second Schedule, for Part I, the following Part shall be substituted, namely:- PART I In the case of any property which passes or is deemed to pass on the death of the deceased- (1) where the principal value of the estate does not exceed Rs. 50,000 Nil; (2) where the principal value of the estate exceeds Rs. 50,000 but does not exceed Rs. 1,00,000 4 per cent. of the amount by which the principal value of the estate exceeds Rs. 50,000; (3) where the principal value of the estate exceeds Rs. 1,00,000 but does not exceed Rs. 2,00,000 Rs. 2,000 plus 10 per cent. of the amount by which the principal value of the estate exceeds Rs. 1,00,000; (4) where the principal value of the estate exceeds Rs. 2,00,000 but does not exceed Rs. 3,50,000 Rs. 12,000 plus 15 per cent. of the amount by which the principal value of the estate exceeds Rs. 2,00,000; (5) where the principal value of the estate exceeds Rs. 3,50,000 but does not exceed Rs. 5,00,000 Rs. 34,500 plus 25 per cent. of the amount by which the principal value of the estate exceeds Rs. 3,50,000; (6) where the principal value of the estate exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 72,000 plus 30 per cent. of the amount by which the principal value of the estate exceeds Rs. 5,00,000; (7) where the principal value of the estate exceeds Rs. 10,00,000 but does not exceed Rs. 15,00,000. Rs. 2,22,000 plus 40 per cent. of the amount by which the principal value of the estate exceeds Rs. 10,00,000; (8) where the principal value of the estate exceeds Rs. 15,00,000 but does not exceed Rs. 20,00,000 Rs. 4,22,000 plus 50 per cent. of the amount by which the principal value of the estate exceeds Rs. 15,00,000; (9) where the principal value of the estate exceeds Rs. 20,00,000 Rs. 6,72,000 plus 85 per cent. of the amount by which the principal value of the estate exceeds Rs. 20,00,000. .