Section 4
Computation of value of property
of Ancestral Worship Ordinance, 1958
—
(1)
Where the disposition is to take effect after the death of the grantor and part or all of the property disposed consists of a share in any business, profession or other undertaking carried on by the deceased, whether by himself or jointly with some other person, the value of the property so disposed, for the purposes of any bequest relating to ancestral worship, shall, subject to any specific provision in the articles of partnership, if any, be the value of the grantor’s interest at the time of his death, including the value of capital invested by him in the business, profession or undertaking and an amount for goodwill, if any.
(2)
The value so determined may be paid at the option of the executors in either of the following ways—
(a)
the capital sum may be paid in one sum or it may be paid in installments with interest at five per cent per year on the amount in arrear, and invested upon trust for the purposes of ancestral worship, and at the expiry of the prescribed period for the performance of the rites, the capital sum shall, subject to any direction by the grantor, fall into the residue of the grantor’s estate;
(b)
by leave of the High Court, a sum equal to five per cent of the total sum may be paid annually for the purposes of ancestral worship for the prescribed period, subject to such guarantees as the Court may consider necessary.