1537. Additional relief to property bequeathed to educational institutions and hospitals – Notification issued under sub-section (2) granting full exemption from estate duty
Whereas the Central Government is of opinion that circumstances are such that relief should be given, in addition to the reliefs provided in sub-section (1) of section 33 of the Estate Duty Act, 1953 (34 of 1953), in respect of the following class of property, namely, any property in respect of which a bequest has been made in favour of a University or other educational institution referred to in clause (22) or to a hospital or other institution referred to in clause (22A) of section 10 of the Income-tax Act, 1961 (43 of 1961), and in respect of which estate duty has been levied and collected or is liable to be levied and collected under the said Estate Duty Act by virtue of the inclusion of that property in the estate of the testator concerned as property passing under the Act aforesaid on the death of such testator ;
Now, therefore, in exercise of the powers conferred by sub-section (2) of section 33 of the Estate Duty Act, 1953, the Central Government hereby directs that no estate duty shall be payable in respect of the property, whether movable or immovable, so bequeathed to the extent the principal value thereof does not exceed rupees ten lakhs, if, on the death of the testator, whether before or after the date of issue of this notification, possession of the bequeathed property is delivered to the legatee within a period of three years from the date—
(i) of such death, or
(ii) on which probate or letters of administration with a copy of the Will annexed is granted in respect of the state of the deceased testator, whichever is later.
Notification : No. GSR 513, dated 29-4-1980.
