9911796707
TMI BlogValue of annuities receivable on annuity depositsX X X X Extracts X X X X X X X X Extracts X X X X ..... le by him on such deposits. The position in the matter is explained in the following paragraph. 2. A person making an annuity deposit under the Income-tax Act is entitled to received annuities in respect of the deposit over a period of 10 years, commencing after the expiry of 12 months from the date on which the deposit was made. The annuities represent annual equated instalments of the principal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of annuities receivable in respect of the annuity deposits, as on the relevant valuation date, is, therefore, includible in the net wealth of an individual for the purposes of wealth-tax. Such value is equivalent to the amount that would be received by the individual if the outstanding annuities were to be commuted as on the relevant valuation date. The amount payable on the commutation of annuit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ------------------------- 1 2 3 4 ------------------------------------------------------------------------------------------------------ After the expiry of 1 year but before 2 years from the date of deposit 8.75 87.50 875.00 After the expiry of 2 year but before 3 years from the date of deposit 7.85 78.50 785.00 After the expiry of 3 year but before 4 years from the date of deposit 6.72 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the amount of annuity deposit, the amount of the commuited value will be calculated at the rates specified in column 4; (b) For every unit of Rs. 100 if any comprised in the amount of the annuity deposit, remaining after the calculation at (a), the amount of the commuted value will be calculated at the rates specified in column 3; and (c) For every unit of Rs. 10, if any, comprised in the am ..... X X X X Extracts X X X X X X X X Extracts X X X X
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