Valuation of life interest

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..... the market value of the life interest of an assessee shall be arrived at by multiplying the average annual income that accrued to the assessee from the life interest by (1/P+d)-1 where P represents the annual premium for a whole life insurance without profits on the life of the life tenant for unit sum assured as specified in the Appendix to these rules, and d is equal to i /(1+i), i bein .....

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..... be taken into account ; (c) the rate of interest shall be 6 per cent per annum. (2) Notwithstanding anything contained in sub-rule (1), (a) the Wealth-tax Officer may, if he is of the opinion that in the case of the life tenant a life insurance company would not take the risk of insuring his life at the normal premium rates in force but would demand a higher p .....

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