Repayment of instalments of annuity deposits made under the Annuity Deposit Scheme. - Income Tax - 1269/CBDT

INSTRUCTION NO. 1269/CBDT Dated : July 25, 1979 Section(s) Referred: Statute: V D Scheme Reference is invited to this Department's letter F.No.10 (19)/66-TPL, dated 16th June, 1967 enclosing a copy of Department of Economic Affairs' letter No.F.16(1)-W M/66 dated 12th May, 1967 regarding repayment of instalments of annuity deposits made under the Annuity Deposit Scheme on behalf of the estate of the deceased person. A similar situation has arisen in relation to investments in 5-3/4% Bonds, 1985 under the Voluntary Disclosure of Income Wealth Act, 1976 in-as-much as investments in such Bonds have been made in some cases by the legal representatives on behalf of the estate of a deceased person and the persons who had signed the application in this behalf have not yet furnished documentary proof to the effect that they are the legal representatives of the deceased named in the application. It has been decided that the decision taken on the question of waiving of the requirement to produce legal representation for determining the title to the Annuity Deposit Certificates referred to in the above mentioned letter should be extended to 5-3/4% Bonds, 1985 purchased under the Voluntary Disclosure of Income Wealth Act, 1976 in the name of deceased person. Accordingly, in a case where investment in 5-3/4% Bonds, 1985 has been made under the Voluntary Disclosure of Income Wealth Act, 1976 on behalf of the estate of a deceased person, the ITO exercising jurisdiction over the case of the deceased should grant a certificate, under his signature and Official Seal, showing the name/s of the person/s recognised by him as legal representative of the deceased for the purpose of assessment under the Act. The deposit office will recognise the title to the Bonds issued in favour of the executor/legal heirs to the estate of the deceased person so named by the ITO without insisting on production of legal representation. 2. These instructions may be brought to the notice of the ITOs in your charge.