Estate Duty Act 1929 · 2020 Revised Edition · Part 4 · Aggregation and Value of Property
24. Principal value
Feedback & supportThe principal value of any property shall be estimated to be the price which, in the opinion of the Commissioner, that property would fetch if sold in the open market at the time of the death of the deceased.
property
“property” includes movable and immovable property of any kind situate or being in Singapore and the proceeds of sale thereof respectively, and any money or investment for the time being representing the proceeds of sale; and, in the case of a deceased person who was at the time of his death domiciled in Singapore, includes movable property wherever it may be;
In estimating such principal value, the Commissioner shall not make any deduction in the estimate on account of the estimate being made on the assumption that the whole property is to be placed on the market at one and the same time.
Commissioner
“Commissioner” means the Commissioner of Estate Duties appointed under section 4(1) and includes a Deputy Commissioner of Estate Duties;
Where it is proved to the Commissioner that the value of the property has been depreciated by reason of the death of the deceased, the Commissioner in fixing the price shall take such depreciation into account.