Policies assigned to the Government for the purpose of paying estate duty-Reassigning these policies-Regarding - Income Tax - 424/1985

Policies assigned to the Government for the purpose of paying estate duty-Reassigning these policies-Regarding Circular No.424 Dated 9/7/1985 To All Commissioners of Income-tax/ All Controllers of Estate Duty. Sir, Subject: Policies assigned to the Government for the purpose of paying estate duty-Reassigning these policies-Regarding. The Finance Minister in his Budget Speech has announced the decision to abolish the levy of estate duty in respect of estates passing on deaths occurring on or after the 16th March, 1985. The policies of insurance assigned to the Government for the purpose of paying estate duty will be infructuous in respect of estates passing on or after the 16th March, 1985. The Board has, therefore, decided that whever a policy holder wants the policy reassigned, the policies may be reassigned in favour of the policyholders. 2. Hindi version will follow. Yours faithfully, (Sd.) A.K. Fotedar, Under Secretary to the Government of India.