660/CBDT. - Income Tax - 660/CBDT

INSTRUCTION NO. 660/CBDT Dated : Febuary 14, 1974 Section(s) Referred: 29A Statute: Estate Duty Act Attention is invited to Circular No. 3-D of 1964 dated 30th July 1964 (issued from File No. 1/58/63-ED) wherein it was stated that the family pensions received from superannuation or pension funds established by international agencies should be excluded from the charge of Estate Duty. These instructions were given statutory sanction through insertion of a new section, namely, Section 29A, which was introduced by the Finance Act, 1963 (No. 10 of 1965). Section 29A provides, inter alia, for exclusion from the charge of duty, of any pension accruing or arising on the death of the deceased to his widow or other dependents, under a superannuation or pension fund established by such international organisations as may be specified in this behalf by the Central Government by notification in the official gazette. No notification specifying the international organisations for the purposes of Section 29A has been issued so far. It is proposed to make an amendment in the Act to enable the issue of notification with retrospective effect. Meanwhile the Board desire that no steps should be taken to tax u/s 15 of the Estate Duty Act, the commuted value of the pensions receivable from the following international organisations.