beneficiary with anything more than the corpus, it was not an onerous gift and must therefore be accepted as a valid creation of a trust ... losses the subject-matter itself was a liability and, therefore, an onerous gift to the minors who could repudiate it on becoming majors
specific charge on the property gifted. The gifts in the present case were not onerous gifts.
2. The assessee appealed and pleaded for the deduction ... gifted properties may be proceeded against for realising the gift-tax. But that does not mean that the value of the gift can be taken
gift deed. Thus, the gift is not complete and, as such, the liability for payment of Rs. 1,80,000 under the gift deed cannot ... have arisen.
7. Besides, as far as the case of onerous gift is concerned, liability in the donee could be created in respect
Charitable Trust under each of the Gift deeds. The assessee under each of the Gift Deeds gifted certain sums lying in his credit ... Company while making the gifts causing it to be an onerous gift in the hands of the Company. The Company which is the first Donee
Charitable Trust under each of the Gift deeds. The assessee under each of the Gift Deeds gifted certain sums lying in his credit ... Company while making the gifts causing it to be an onerous gift in the hands of the Company. The Company which is the first Donee
encumbrance is prior to the point of time the gift is made. Where a donor gifts a property with a condition that certain payment should ... donor, then the condition may be construed as an onerous gift liables to be defeated by non-payment or an obligation arising out of contract
Chhotalal Mohanlal [1987] 166 ITR 124. Coming to the question of onerous gift, the learned departmental representative pointed out the burden on the transferor ... donee accepted gift subject to discharge of debts and those being onerous gifts those amounts had to be deducted from the value of the land
cannot accept the gift. Even in the TP Act, the donee is a person who accepts the gift. A gift may be accepted ... contract. A minor may therefore, be a donee, but if the gift is onerous, the obligation cannot be enforced against him. The words "accepted
this case, the mother as natural guardian has given the gift. Her interest as a donor is not conflicting with the interest of the donee ... behalf is implied when gift is made by the natural guardian, unless perhaps where the gift is onerous or possession had not been handed over
gift', and claimed exemption on it. A clear
intention to minimize tax liability from Davita deal is seen
here. Intention to gift is anyways ... regulatory burden was expected to be very onerous. The Gift and the
registration of the shares was done at the same time. The Assessee
pointed
