https://www.taxtmi.com/caselaws?id=68435 Stamp duty valuation fixed by the Sub-Registrar could not, by itself, be treated as the property's market value for attracting a deemed gift under section 4(1)(a) of the Gift-tax Act, 1958. A stamp duty assessment serves only the limited purpose of levy and does not establish actual market value. Because the transfer was for declared consideration and the Revenue produced no independent material showing that the assessee received more than that amount, the burden to prove a deemed gift was not discharged. No deemed gift was exigible on the facts. en-us Fri, 21 May 2004 00:00:00 +0530 Wed, 30 Mar 2011 09:40:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68435 Stamp duty valuation fixed by the Sub-Registrar could not, by itself, be treated as the property's market value for attracting a deemed gift under section 4(1)(a) of the Gift-tax Act, 1958. A stamp duty assessment serves only the limited purpose of levy and does not establish actual market value. Because the transfer was for declared consideration and the Revenue produced no independent material showing that the assessee received more than that amount, the burden to prove a deemed gift was not discharged. No deemed gift was exigible on the facts. Case-Laws Income Tax Fri, 21 May 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68435