https://www.taxtmi.com/caselaws?id=63013 Assignment of a life insurance policy to an unmarried daughter was treated as a gift under section 2(xii) of the Gift-tax Act, 1958 because it was made absolutely out of natural love and affection, with no proved obligation to provide for marriage. The fact that the maturity proceeds were later used to buy a car at the time of marriage did not by itself show that the transfer was intended as a marriage provision. In the absence of evidence that the assignment was for maintenance or marriage expenses, the transaction fell within the statutory definition of gift and was taxable. en-us Wed, 28 Oct 1987 00:00:00 +0530 Thu, 27 Jan 2011 12:50:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63013 Assignment of a life insurance policy to an unmarried daughter was treated as a gift under section 2(xii) of the Gift-tax Act, 1958 because it was made absolutely out of natural love and affection, with no proved obligation to provide for marriage. The fact that the maturity proceeds were later used to buy a car at the time of marriage did not by itself show that the transfer was intended as a marriage provision. In the absence of evidence that the assignment was for maintenance or marriage expenses, the transaction fell within the statutory definition of gift and was taxable. Case-Laws Income Tax Wed, 28 Oct 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63013