Section 102. Exemption of certain acquisitions and transmissions. —

The following shall not be taxed:

1. The merger of usufruct in the owner of the naked Title.

2. The transmission or delivery of the inheritance or legacy by the fiduciary heir or legatee to the fideicommissary.

3. The transmission from the first heir, legatee, or donee in favor of another beneficiary, in accordance with the desire of the predecessor.

4. All bequests, devises, legacies or transfers to social welfare, cultural and charitable institutions, no part of the net income of which inures to the benefit of any individual: Provided, however, that not more than 30% of the said bequests, devises, legacies or transfers shall be used by such institutions for administration purposes.