https://www.taxtmi.com/caselaws?id=61775 Introduction of an individual's estate into a partnership can extinguish his exclusive ownership to the extent the property is brought in as firm property, and any value transferred beyond the capital credited may be treated as a deemed gift for gift-tax purposes. On the stated facts, the exemption under section 5(1)(xiv) was unavailable because the arrangement was not shown to be integral to carrying on the business and was found to benefit family members. A later set of gift deeds over the same properties could not create a fresh taxable gift in the hands of a person who had already ceased to own them. en-us Fri, 13 Sep 1985 00:00:00 +0530 Fri, 14 Jan 2011 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61775 Introduction of an individual's estate into a partnership can extinguish his exclusive ownership to the extent the property is brought in as firm property, and any value transferred beyond the capital credited may be treated as a deemed gift for gift-tax purposes. On the stated facts, the exemption under section 5(1)(xiv) was unavailable because the arrangement was not shown to be integral to carrying on the business and was found to benefit family members. A later set of gift deeds over the same properties could not create a fresh taxable gift in the hands of a person who had already ceased to own them. Case-Laws Income Tax Fri, 13 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61775