Estate duty-Applicability of Sec.33(1)(n). - Income Tax - 1393/CBDT

INSTRUCTION NO. 1393/CBDT Dated: April 20, 1981 The exemption on account of the residential house used by the HUF of which the deceased was a member should be allowed upto the limit prescribed u/s.33'1'n in determining the principal value of the joint family property and then the share of the deceased in the principal value of the joint family property and then the share of the deceased therein should be ascertained or whether the share of the deceased in the principal value of the joint family property should be first determined and then from the said share the proportionate exemption may be allowed in respect of the residential house used by the family. The board advised that the latter view would be preferable because sec.39'3 has to be invoked only for the limited purpose of estimating the principal value of the joint family property and only those provisions of the Act which have a bearing on the determination of the principal value to be estimate can come into play.