52. 1[ Payment of duty by transfer of property.
(1) The Central Government may, on an application of the person accountable for estate duty, accept in satisfaction of the whole or any part of such duty any property passing on the death of the deceased at such price as may be agreed upon between the Central Government and that person, and thereupon such person shall deliver possession of the property to such authority as may be specified by that Government in this behalf.
(2) Notwithstanding anything contained in any other law for the time being in force, on the date the possession of the property is delivered to the authority under sub- section (1)--
(i) the property shall vest in the Central Government; and
(ii) the Central Government shall, where necessary, intimate the registering authority concerned accordingly; and the authority shall administer the property in such manner as the Central Government may direct.
(3) Where the price referred to in sub- section (1) exceeds the aggregate of the amounts due under this Act in respect of the estate of the deceasd, the excess shall be applied in the following order to the payment of any tax, penalty, interest or other amount--
(i) which the legal representative of the deceased is liable to pay in respect of the income, expenditure or wealth of,
or gift made by, the deceased under any of the Acts referred to in clause (c) of section 2 of the Central Boards of Revenue Act, 1963 (54 of 1963 );
(ii) which the executor is liable to pay under any of the Acts aforesaid in respect of the estate of the deceased for the period of the administration of the estate;
(iii) which the person beneficially entitled to the property in question is liable to pay under any of those Acts; and the balance, if any, shall be paid to the accountable person.]