https://www.taxtmi.com/caselaws?id=68042 Transfers are not treated as gifts under the Gift-tax Act where the consideration is reasonable or the payment is made in discharge of recognised family or customary obligations. The text explains that a difference between sale price and later market valuation, by itself, does not establish a deemed gift, and that payments from privy purse or to married daughters and sisters may fall outside taxable gift treatment when linked to maintenance, residence, marriage expenses, or other family responsibilities. It also notes that penalty for concealment is not sustainable where all material facts are disclosed and the claim is bona fide and debatable. en-us Wed, 13 Nov 1991 00:00:00 +0530 Wed, 16 Mar 2011 16:01:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68042 Transfers are not treated as gifts under the Gift-tax Act where the consideration is reasonable or the payment is made in discharge of recognised family or customary obligations. The text explains that a difference between sale price and later market valuation, by itself, does not establish a deemed gift, and that payments from privy purse or to married daughters and sisters may fall outside taxable gift treatment when linked to maintenance, residence, marriage expenses, or other family responsibilities. It also notes that penalty for concealment is not sustainable where all material facts are disclosed and the claim is bona fide and debatable. Case-Laws Income Tax Wed, 13 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68042