Characterisation of property as joint family does not constitute transfer under gift tax, department to withdraw appeals. The Supreme Court held that declaration impressing self-acquired assets with the character of joint Hindu family property does not amount to a transfer under the Gift Tax Act. The Board directs withdrawal of departmental appeals on this point and requires that in assessee appeals the point be conceded, with Commissioners and Gift-tax officers issuing instructions and noting the legal position.
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.
Characterisation of property as joint family does not constitute transfer under gift tax, department to withdraw appeals.
The Supreme Court held that declaration impressing self-acquired assets with the character of joint Hindu family property does not amount to a transfer under the Gift Tax Act. The Board directs withdrawal of departmental appeals on this point and requires that in assessee appeals the point be conceded, with Commissioners and Gift-tax officers issuing instructions and noting the legal position.
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