https://www.taxtmi.com/caselaws?id=64499 A partner's introduction of personal land and building into a partnership firm as capital contribution may constitute a transfer of property for Gift-tax Act purposes because exclusive ownership is converted into shared rights with the other partners. However, section 4(1)(a) cannot be used to deem the difference between declared value and market value as a gift unless the consideration received on transfer can be meaningfully valued and shown to be inadequate. A notional credit to the partner's capital account is insufficient, so the statutory condition for a deemed gift is not met on these facts. en-us Wed, 26 Oct 1994 00:00:00 +0530 Tue, 08 Feb 2011 12:03:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64499 A partner's introduction of personal land and building into a partnership firm as capital contribution may constitute a transfer of property for Gift-tax Act purposes because exclusive ownership is converted into shared rights with the other partners. However, section 4(1)(a) cannot be used to deem the difference between declared value and market value as a gift unless the consideration received on transfer can be meaningfully valued and shown to be inadequate. A notional credit to the partner's capital account is insufficient, so the statutory condition for a deemed gift is not met on these facts. Case-Laws Income Tax Wed, 26 Oct 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64499