Converted property deemed gift when an individual impresses separate property into a Hindu undivided family, affecting taxable gifts. Where an individual converts his separate property into family property by impressing it with the family character or throwing it into the common stock, the converted property is deemed a gift for computation of the individual's taxable gifts to the extent of the share that other family members would receive on an immediate partition, notwithstanding other provisions of the Act or other law.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Converted property deemed gift when an individual impresses separate property into a Hindu undivided family, affecting taxable gifts.
Where an individual converts his separate property into family property by impressing it with the family character or throwing it into the common stock, the converted property is deemed a gift for computation of the individual's taxable gifts to the extent of the share that other family members would receive on an immediate partition, notwithstanding other provisions of the Act or other law.
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