https://www.taxtmi.com/caselaws?id=66154 An insurance policy effected under section 6 of the Married Women's Property Act, 1874 for the benefit of the assessee's son was treated as creating a trust, with the assessee's wife named as trustee. Such a policy, when taken for the benefit of the wife and children, operates outside the assessee's control and the policy proceeds are intended for the beneficiary. On that basis, the amount received under the policy was not a transfer of property by the assessee and lacked the element of gift. No gift-tax was therefore leviable on the receipt, and the assessee's claim was accepted. en-us Wed, 23 Jul 1986 00:00:00 +0530 Mon, 21 Feb 2011 18:08:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66154 An insurance policy effected under section 6 of the Married Women's Property Act, 1874 for the benefit of the assessee's son was treated as creating a trust, with the assessee's wife named as trustee. Such a policy, when taken for the benefit of the wife and children, operates outside the assessee's control and the policy proceeds are intended for the beneficiary. On that basis, the amount received under the policy was not a transfer of property by the assessee and lacked the element of gift. No gift-tax was therefore leviable on the receipt, and the assessee's claim was accepted. Case-Laws Income Tax Wed, 23 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66154