cancellation of gift deeds subsequently alter the character of the gift, as the gift deeds are unconditional and the Transfer of Property Act, 1882 (hereinafter ... gift if the gift is conditional only. There is no provision as regards to the cancellation of gift deeds in the Gift Tax Act
Act" means the Customs Tariff Act, 1975 ( 51 of 1975 ); (k) "Expenditure-tax Act" means the Expenditure-tax Act, 1987 (35 of 1987); (l) "Gift ... Act but not defined herein and defined in the Central Excise Act, the Central Excise Tariff Act, the Customs Act, the Customs Tariff Act (hereinafter
Gift Tax Act mentions the gift that are exempted under the Gift Tax Act among them properties passed to a person under a will ... follows:
Exemption in respect of certain gifts
(5) Gift tax shall not be charged under this Act in respect of gifts made by any person
Gift Tax Act mentions the gift that are exempted under the Gift Tax Act among them properties passed to a person under a will ... follows :
Exemption in respect of certain gifts
(5) Gift tax shall not be charged under this Act in respect of gifts made by any person
facto gift at all.
(6) Gift for purposes of levy of Gift-tax must be a real gift. Possession and enjoyment of the gifted property ... cancellation of gift deeds subsequently alter the character of the gift, as the gift deeds are unconditional and the Transfer of Property Act, 1882 (hereinafter
gift showing Nil value of the gift.
10. The A.O. held that Clause (c) of Section 4(1) of the Gift Tax Act ... interest. A notional or hypothetical gift cannot be a subject matter of gift tax under the Gift Tax Act .
12. The ld. CGT(A) accepted
levy of a gift tax in terms of Section 2 (xii) read with Section 4 (i) (c) of the Gift Tax Act (hereinafter referred ... gift is established through the balance sheet of the Company.
10. The "gift" as defined in the Act means the transfer
assets did not amount to a gift within the meaning of the Gift-tax Act . The question was answered in the affirmative and in favour ... Gift-tax Act, nor is there a gift under the Gift-tax Act , in a case, as the one on hand, where property is transferred
invoked the provisions of Section 4(i)(a) of the Gift-tax Act: and levied gift-tax. Aggrieved, the assessee carried the matter in first ... Act did not provide elaborately for the method of valuation, the rules as prescribed under the Wealth tax Act were applied for gift-tax purposes
gifts and has not paid any gift tax
and had accordingly initiated gift tax proceedings against the assessee
under section 16 of the Act ... assessee to the aforementioned persons as gift so as to attract the
provisions of Gift Tax Act . Learned Counsel has also adverted our
attention
