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Issues: Whether the settlement of ancestral lands by the karta of a Hindu undivided family in favour of his unmarried daughter, made to provide for her marriage expenses, amounted to a taxable gift under section 2(xii) of the Gift-tax Act, 1958.
Analysis: Under Hindu law, an unmarried daughter has a right to be maintained and to have her marriage expenses met out of joint family property. A reasonable provision made for her marriage in a partition or by the karta is therefore not merely a voluntary bounty, but a discharge of a familial obligation attached to the property. For the same reason, such a settlement cannot be treated as a transfer without consideration in money or money's worth. The transaction, viewed in its true legal character, falls outside the mischief of the gift-tax definition.
Conclusion: The settlement did not amount to a taxable gift and was not assessable to gift-tax under section 2(xii) of the Gift-tax Act, 1958; the finding was in favour of the assessee.
Ratio Decidendi: A settlement of joint family property in favour of an unmarried daughter as marriage provision, made in discharge of the family's legal obligation to provide for her marriage expenses, is not a voluntary transfer without consideration in money or money's worth and therefore is not a gift within the gift-tax definition.
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