https://www.taxtmi.com/caselaws?id=62303 Amounts withdrawn from NRE accounts and used to acquire immovable property were treated as eligible for exemption under section 5(1)(iib) of the Gift-tax Act because the payments had a direct nexus with the assessee's NRE funds and the cheques being issued to the vendors was only a technical point. The assessee, being a person resident outside India, was not regarded as having gifted a share in property before title passed under the sale deed. The balance amounts were traced to loans to the wife and son-in-law and to the assessee's own bank accounts, so they were not taxable gifts. The related income-tax and wealth-tax additions, being consequential, also failed. en-us Fri, 27 Apr 2001 00:00:00 +0530 Wed, 19 Jan 2011 11:50:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62303 Amounts withdrawn from NRE accounts and used to acquire immovable property were treated as eligible for exemption under section 5(1)(iib) of the Gift-tax Act because the payments had a direct nexus with the assessee's NRE funds and the cheques being issued to the vendors was only a technical point. The assessee, being a person resident outside India, was not regarded as having gifted a share in property before title passed under the sale deed. The balance amounts were traced to loans to the wife and son-in-law and to the assessee's own bank accounts, so they were not taxable gifts. The related income-tax and wealth-tax additions, being consequential, also failed. Case-Laws Income Tax Fri, 27 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62303