(1)The rates of estate duty shall be as mentioned in the Second Schedule :Provided that no such duty shall be levied upon.-(a)property which consists of an interest in the joint family property of a Hindu family governed by the Mitakshara, Marumakkattayam or Aliayasantana law, to the extent to which the principal value of the estate does not exceed rupees fifty thousand ;(b)property of any other kind, to the extent to which the principal value of the estate does not exceed rupees one lakh.
