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In Re: the Last Will and Testament of Ramchandra Lakshmanji - Court Judgment

LegalCrystal Citation
SubjectFamily
CourtMumbai
Decided On
Judge
Reported in(1877)ILR1Bom118
AppellantIn Re: the Last Will and Testament of Ramchandra Lakshmanji;vinayakrav Ramchandra Lakshmanji
Excerpt:
will - probate--annuity--'value'--court fees act (vii of 1870), schedule 1 clause 11. - indian succession act (39 of 1925), section 63: [s.b. sinha & cyriac joseph, jj] will validity - deceased, was a very wealthy person - he floated several companies - he left behind his daughters, s and j - he was suffering from various diseases including some neurological ones - for his treatment, he used to frequently visit united states of america accompanied by his wife and daughter - by reason of a will, he is said to have bequeathed 50% of his property to s and 50% to j in a letter addressed to the 1st respondent, viz., s, he is purported to have recorded that the he had given all his shares to her - will was not only unnatural but was surrounded by a large number of suspicious circumstances ..........to suits, and cannot be held to apply to probates. the fee payable in respect of the probate of a will is fixed by act vii of 1870, schedule i, clause 11, at 2 per cent, on the value of the property, and we consider that the value of this annuity for the purpose of determining the amount of probate fees must be taken to be the market value. in the present case, the annuity being mortgaged, the only interest in it passing under the probate is the equity of redemption; therefore the amount of the mortgage incumbrances must be deducted from the market value of the annuity, and the probate fee be charged at the rate of 2 per cent. on the balance (see in the goods of innes, 8 beng. l.r. 43, appx.).
Judgment:

Michael Westropp, C.J.

1. We must uphold the finding of the Ecclesiastical Registrar. The annuity, although not payable until October 1877, is an item of property capable of present valuation. The provision in Section 12 of Act XVIII of 1869, that the whole amount secured for the payment of an annuity shall be taken to be ten times the annual payment, is in that same section expressly stated to be made for the purposes of that Act, and we do not see how we can extend it. It also seems to us that the provisions of Chapter III of Act VII of 1870 must be limited to suits, and cannot be held to apply to probates. The fee payable in respect of the probate of a will is fixed by Act VII of 1870, Schedule I, Clause 11, at 2 per cent, on the value of the property, and we consider that the value of this annuity for the purpose of determining the amount of probate fees must be taken to be the market value. In the present case, the annuity being mortgaged, the only interest in it passing under the probate is the equity of redemption; therefore the amount of the mortgage incumbrances must be deducted from the market value of the annuity, and the probate fee be charged at the rate of 2 per cent. on the balance (see In the goods of Innes, 8 Beng. L.R. 43, Appx.).


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