https://www.taxtmi.com/caselaws?id=67258 For exemption under section 5(1)(xii) of the Gift-tax Act, 1958, the relevant enquiry is whether the gift was made for the donee's education and whether the amount claimed is reasonable in the circumstances. Income later derived from the gifted property is not a relevant factor, and exemption cannot be denied merely because the sale proceeds were not fully traced to education expenses. The appellate authority's valuation of the gifted land and its estimate of educational expenditure were accepted as reasonable, and no basis was found to restore the higher valuation adopted by the Gift-tax Officer. The exemption and restricted taxable gift were therefore sustained. en-us Wed, 26 Sep 1984 00:00:00 +0530 Wed, 09 Mar 2011 17:50:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67258 For exemption under section 5(1)(xii) of the Gift-tax Act, 1958, the relevant enquiry is whether the gift was made for the donee's education and whether the amount claimed is reasonable in the circumstances. Income later derived from the gifted property is not a relevant factor, and exemption cannot be denied merely because the sale proceeds were not fully traced to education expenses. The appellate authority's valuation of the gifted land and its estimate of educational expenditure were accepted as reasonable, and no basis was found to restore the higher valuation adopted by the Gift-tax Officer. The exemption and restricted taxable gift were therefore sustained. Case-Laws Income Tax Wed, 26 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67258