sons amounted to a gift within the meaning of the term 'gift' as defined in the Gift-tax Act ?
7. The general approach ... concept of a gift under the general law and the concept of a gift under the Gift-tax Act . An attempt was made on behalf
Gift-tax Officer treated the transfer of the business by the firm to the private limited company as a gift under the Gift-tax Act ... gift and shall be included in computing the value of the gift. There is a similar provision in the Australian Gift Duty Assessment Act
element of gift, and accordingly the then officer did not proceed with any gift tax proceedings under the Gift Tax Act, 1958 (for short ... After search, the Deputy Commissioner of Gift Tax issued a notice under Section 16 of the Gift Tax Act in the matter. The said letter
gift-tax payable from the total value of the gift is not admissible because there is no provision in the Gift-tax Act ... other words, the gift-tax payable on the gift made to Venkatesha Madi (but not the gift-tax payable on the gift to Smt. Ahalya
execution of the gift deed,
Narayanaswamy to whom the schedule properties and other
properties were gifted did not act in accordance with the
terms ... Transfer of Property Act. Section 126 of the Transfer of
Property Act undertakes when a gift may be revoked or
suspended. But a gift which
proVi:éioii.s.of' Act and Registration
Act vy'ou1'd liowever, if the gift deed
does of exclusion clause as
provided ... fall under Section 123 of the
Prvoperty Act and the provisions of Stamp Act
and Registration Act would automatically would get
attract.ed. Hence, point
alleged Gift Deed dated
9.9.1999 also. According to the plaintiff in the said
suit, the said Gift Deed was never intended to act
upon ... Clauses Act, 1897 and Sections 3 and 8 of
Transfer of Property Act, 1882, (hereinafter for brevity
referred to as `T.P.Act'), submitted
that Act read as follows :
"2. In this Act, unless the context otherwise requires, -.......
(xii) 'gift' means the transfer by one person ... gift, the gift-tax is levied on the value of the property as on the date of gift, irrespective of the lesser value for which
section 26(1) of the Gift-tax Act, 1958 (Central Act 18 Of 1958) ("the Act"), the Income-tax Appellate Tribunal, Bangalore Bench ... rates specified in the Schedule to the Act . Section 4 of the Act declares certain transfers as gifts for purposes of the Act. Section
defendant, but, the gift deed was not yet put into action and before the gift deed could be acted upon, the plaintiff fell ... future and therefore, "I have gifted" means, "I have executed the gift deed gifting the property for transfer to take effect
