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of <h1>Gift Tax Act: Section 4(1)(a) Clarifies Property Transfers Below Market Value as Gifts; Burden of Proof on Transferor.</h1> The circular addresses the applicability of Section 4(1)(a) of the Gift Tax Act, 1958, concerning property transfers for less than market value. It specifies that if a property is transferred for inadequate consideration, the difference between the market value and the consideration is deemed a gift. The assessing authority must determine whether the transfer lacked adequate consideration. If the transferor can prove that full market value was unattainable due to valid reasons, it may be deemed adequate consideration. The burden of proof lies with the transferor to demonstrate this to the assessing authority's satisfaction. Officers are instructed to apply these guidelines.
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