Exemption from levy of duty - 083 - Income Tax

Exemption from levy of duty Notification Number: 083 Dated 06-01-1985 Whereas the Central Government is of opinion that circumstances are such that some relief in addition to the reliefs provided in sub-section (1) of section 33 of the Estate Duty Act, 1953 (34 of 1953), should be given in respect of the following class of property, whether movable or immovable, namely, and property of a deceased- (i) set apart by the deceased to form part of a trust wholly promoting advancement of science and technology in India by instituting annual awards for outstanding work in those fields, or for being donated to the Prime Minister's National Relief Fund, and the Central Government is satisfied that the property was so set apart by the deceased; and (ii) for which such trust has been created whether before or after the date of publication of this notification in the Official Gazette, or as the case may be, which has been donated to the Prime Minister's National Relief Fund,- (a) by the deceased within a period of two years before his death; or (b) within a period of four years after the death of the deceased: Provided that the Central Government in the Ministry of Finance, having regard to the objects and importance of the said trust, have given approval to the aforesaid trust; and (iii) on which estate duty is liable to be levied and collected under the said Act by virtue of the inclusion of such property in the estate of the deceased as property passing on his death; Now, therefore, in exercise of the powers conferred by sub-section (2) of section 33 of the Estate Duty Act, 1953 (34 of 1953), the Central Government hereby directs that no estate duty shall be payable in respect of such class of property. File Number: 296/34/82-ED