https://www.taxtmi.com/caselaws?id=62058 Section 5(3) of the Gift-tax Act, 1958 applies only where the later transfer can be directly traced to the earlier gift received. On the facts, the property later transferred by the assessee arose from independent transactions involving land, partnership assets and existing charges, rather than from a mere return of the gift received from her husband. Because the connection between the two transfers was too remote and the assessment rested on a mistaken factual basis, the exemption was available and the gift-tax assessment could not be sustained. en-us Wed, 01 Oct 1975 00:00:00 +0530 Mon, 23 Jan 2012 15:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62058 Section 5(3) of the Gift-tax Act, 1958 applies only where the later transfer can be directly traced to the earlier gift received. On the facts, the property later transferred by the assessee arose from independent transactions involving land, partnership assets and existing charges, rather than from a mere return of the gift received from her husband. Because the connection between the two transfers was too remote and the assessment rested on a mistaken factual basis, the exemption was available and the gift-tax assessment could not be sustained. Case-Laws Income Tax Wed, 01 Oct 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62058