Release of amount deposited by the LIC in respect of policies taken out under clause (f) of sub-section (1) consequent on discontinuance of estate duty levy from 16-3-1985 - Income Tax - 442/1985

Release of amount deposited by the LIC in respect of policies taken out under clause (f) of sub-section (1) consequent on discontinuance of estate duty levy from 16-3-1985 Circular No.442 Dated 12/10/1985 The levy of estate duty had ceased to apply in relation to properties passing on deaths occurring on or after 16-3-1985 by virtue of section 5C inserted in the Estate Duty Act, 1953, by the Estate Duty (Amendment) Act, 1985. The money deposited by the LIC representing the matured value of policies taken out under section 33(1)( f ) for the purpose of paying estate duty will no longer be required in respect of policyholders surviving on 16-3-1985 . The Board has, therefore, decided that amount deposited by the LIC in respect of policies taken out under section 33(1)( f ) may be refunded in all such cases . Circular : No. 442 [F. No. 296/60/85-ED], dated 2/10-12-1985 .