https://www.taxtmi.com/caselaws?id=62171 Exemption for a gift claimed as made for educational purposes is limited to the extent the transfer is shown to be reasonable on the facts and circumstances. The donor's intention, financial capacity, the donee's stage of education, and the likely cost of the contemplated studies were relevant in assessing whether the gift fell within the educational exemption. On the facts, the transfer was not exclusively for education, and anticipated higher studies abroad were not within the donor's contemplation at the time of the gift. The exemption was therefore allowed only in part, to the extent attributable to the reasonable educational requirement. en-us Mon, 25 Oct 1982 00:00:00 +0530 Tue, 18 Jan 2011 13:49:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62171 Exemption for a gift claimed as made for educational purposes is limited to the extent the transfer is shown to be reasonable on the facts and circumstances. The donor's intention, financial capacity, the donee's stage of education, and the likely cost of the contemplated studies were relevant in assessing whether the gift fell within the educational exemption. On the facts, the transfer was not exclusively for education, and anticipated higher studies abroad were not within the donor's contemplation at the time of the gift. The exemption was therefore allowed only in part, to the extent attributable to the reasonable educational requirement. Case-Laws Income Tax Mon, 25 Oct 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62171