- In this Act, unless the context otherwise requires,.-(1)"affidavit of valuation" means the affidavit of valuation made under section 19-1 of the Court-fees act, 1870 (VII of 1870), in connection with an application for the grant of representation;(2)"Board" means the Central Board of revenue constituted under the Central Board of Revenue Act, 1924 (IV of 1924);(3)"company" includes anybody corporate wheresoever incorporated;(4)"controlled company" means a company as defined in section 17:(5)"Controller" means a person appointed to be a Controller of Estate Duty under section 4 and includes a person appointed to be a Deputy Controller of Estate Duty or an Assistant controller of Estate Duty;(6)"deceased person" and " the deceased" means a person dying after the commencement of this Act;(7)"estate duty" means estate duty under this Act;(8)"executor" means the executor or administrator of a deceased person;(9)"general power" includes every power or authority enabling the done or other thereof to appoint or dispose of property as he thinks fit, whether exercisable by instrument inter vivos or by will or both but exclusive of any power exercisable in a fiduciary capacity under a disposition not made by himself or exercisable as mortgagee;(10)"incumbrances" includes mortgages and terminable charges;(11)"interest in expectancy" includes an estate in remainder or reversion and every other future interest whether vested or contingent, but does not include reversions expectant upon the determination of leases;(12)"legal representative" means a person who in law represents the estate of a deceased person and includes.-(i)an executor,(ii)as regards any obligation under this act, any person who takes possession of, or intermeddles with, the estate, of a deceased person or any part thereof and(iii)where the deceased was a coparcener of a Hindu family, the manager for the time being of the family;(13)"power to appoint property" means power to determine the disposition of property of which the person invested with the power is not the owner;(14)"prescribed" means prescribed by rules made under this Act.(15)"property" includes any interest in property, movable or immovable the proceeds of sale thereof and any money or investment for the time being representing the proceeds of sale and also includes any property converted from one species into another by any method;Explanation 1. - The creation by a person or with his consent of a debt or other right enforceable against him personally or against property which he was or might become competent to dispose of or to charge or burden for his own benefit, shall be deemed to have been a disposition made by that person, and in relation to such a disposition the expression " property" shall include the debt or right created.Explanation 2. - The extinguishment at the expense of the deceased of a debt or other right shall be deemed to have been a disposition made by the deceased in favour of the person for whose benefit the debt or right was extinguished, and in relation to such a disposition the expression "property" shall include the benefit conferred by th extinguishment of the debt or right;(16)"property passing on the death" includes property passing either immediately on the death or after any interval, either certainly or contingently, and either originally or by way of substitutive limitation, and "on the death" includes " at a period ascertainable only by reference to the death";(17)"public charitable purpose" includes relief of the poor education medical relief and the advancement of any other object of general public utility the territory of India ;(18)"representation" means probate of a will or letters of administration;(19)"settled property" means property which stands limited to, or in trust for, any persons, natural or judicial by way of succession, whether the settlement took effect before or after the commencement of this act; and "settlement" means any disposition including a dedication or endowment, whereby property is settled;(20)"Valuer" means a Valuer appointed under section 4.
