The Estate Duty (Amendment) Act, 1982--Explanatory notes on the provisions of - Income Tax - 349/1982

The Estate Duty (Amendment) Act, 1982--Explanatory notes on the provisions of Circular No. 349 Dated 30/8/1982 Introduction The Estate Duty (Amendment) Bill, 1982, as passed by Parliament, received the assent of the President on 10th August, 1982, and has been enacted as Act No.31 of 1982. This circular explains the substance of the provisions contained in the Estate Duty (Amendment) Act, 1982. 2. The provisions of the Estate Duty (Amendment) Act, 1982 (hereinafter referred to as the Amendment Act) relate to the following matters: (i) Insertion of a new section 16A in the Estate Duty Act, 1953 (hereinafter referred to as the principal Act), relating to interest of the deceased in building allotted or leased to him by a co-operative housing society. (ii) Amendment of section 33 of the principal Act by insertion of a new sub-clause (nn) in sub-section (1) to provide for exemption from duty of deposits made by the deceased with a co-operative housing society in certain cases. (iii) Amendment of section 36 of the principal Act to provide for valuation of one residential house or part thereof belonging to the deceased on the same basis as provided in the Wealth-tax Act, 1957. (iv) Amendment of the Second Schedule to the principal Act for raising the exemption limit to Rs.1,50,000 and providing for consequent restructuring of the rate schedule.