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of <h1>Settlement Deed on Ancestral Property Not Taxable as Gift under Gift-tax Act</h1> <h3>Nattuswamy And Another Versus Gift-Tax Officer And Another.</h3> The High Court of Madras held that a settlement deed involving ancestral properties cannot be taxed as a gift under the Gift-tax Act. The court allowed ... Gift Tax - petitioners' father purported to execute a settlement deed dated April 25, 1963, in their favour. Several items of properties in two different villages were given to the petitioners. This settlement was treated by the Gift-tax Officer as a gift coming within the purview of the Gift-tax Act and an order of assessment was passed after giving notice to the petitioners' father as donor - Whether settlement of ancestral property by father in favour of sons is valid and whether karta of HUF has powers to make settlements The High Court of Madras ruled in a Gift-tax Act case where a settlement deed was treated as a taxable gift. The court found that since the properties covered by the settlement deed were ancestral properties, the levy of gift-tax was not valid. The court allowed the writ petition and prohibited the Tax Recovery Officer from continuing the recovery proceedings. No costs were awarded. (Case citation: 1972 (9) TMI 23 - Madras High Court)
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