https://www.taxtmi.com/caselaws?id=66620 Allotment of shares by a company for cash at face value does not amount to a transfer of the company's property to the shareholder, because the company is a distinct juristic person and the shareholder acquires only rights in the company, not an interest in its assets. The deemed gift provision applies only where there is an actual transfer of property for inadequate consideration. In the absence of such transfer, no deemed gift arises under section 4(1)(a) of the Gift-tax Act, 1958. en-us Wed, 21 Apr 1982 00:00:00 +0530 Wed, 25 Jan 2012 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66620 Allotment of shares by a company for cash at face value does not amount to a transfer of the company's property to the shareholder, because the company is a distinct juristic person and the shareholder acquires only rights in the company, not an interest in its assets. The deemed gift provision applies only where there is an actual transfer of property for inadequate consideration. In the absence of such transfer, no deemed gift arises under section 4(1)(a) of the Gift-tax Act, 1958. Case-Laws Income Tax Wed, 21 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66620