Estate Duty Act: No Duty on Properties Bequeathed to Schools & Hospitals if Value Under 10 Lakh

The Central Government has issued a notification under the Estate Duty Act, 1953, providing additional relief for properties bequeathed to educational institutions and hospitals. This relief applies to properties included in the estate of a deceased person and subject to estate duty. No estate duty will be payable on such bequeathed properties, whether movable or immovable, if their principal value does not exceed ten lakh rupees. This exemption is applicable if the property is delivered to the legatee within three years of the testator's death or the granting of probate, whichever is later.

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