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The Estate Duty (Distribution) Act, 1962

The Estate Duty (Distribution) Act, 1962

The Estate Duty (Distribution) Act, 1962

[Act No. 9 OF 1962]

[30th March, 1962]

An Act to provide for the distribution of the net proceeds of the estate duty among the States in pursuance of the principles of distributions formulated and the recommendations made by the Finance Commission in its report dated the 14th day of December 1961.

BE it enacted by Parliament in the Thirteenth Year of the Republic of India as follows:

2. Definitions.

In this Act,-

(a) “Estates duty” means the estate duty levied under the Estate Duty Act, 1953 (34 of 1953) in respect of property other than agricultural land:

(b) “State ” does not include a Union territory.

3. Distribution of net proceeds of estate duty assigned to the States.

(1) During each financial year commencing on and after the 1st day of April 1962, the net proceeds of estate duty levied and collected during the financial year shall, after deducting therefrom a sum equal to one per cent. of the said proceeds as being attributable to union territories, be distributed among the States in accordance with the provisions of sub-section (2).

(2) Out of the total amount falling to be distributed in any financial year under sub-section (1)

(a) The amount attributable to immovable property shall be distributed among the States in proportion to the gross value of the immovable property situated in the respective States as determined in respect of that financial year.

(b) The balance shall be distributed among the States as follows:

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