Simultaneous invocation of gift-tax and income-tax valuation permitted when asset transferred for inadequate consideration and conditions met. Where an asset is transferred for less than adequate consideration the provisions of section 52 of the Income-tax Act and section 4(1) of the Gift-tax Act may be invoked simultaneously, provided the other statutory conditions for each levy are satisfied; this instruction applies generally except where a High Court has given a contrary decision.
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.
Simultaneous invocation of gift-tax and income-tax valuation permitted when asset transferred for inadequate consideration and conditions met.
Where an asset is transferred for less than adequate consideration the provisions of section 52 of the Income-tax Act and section 4(1) of the Gift-tax Act may be invoked simultaneously, provided the other statutory conditions for each levy are satisfied; this instruction applies generally except where a High Court has given a contrary decision.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
