https://www.taxtmi.com/caselaws?id=69564 A will that directs the income or sale proceeds of a property to be used for specified beneficiaries without limiting the duration of that enjoyment confers the beneficial interest on those beneficiaries, with the legal holder retaining only a trustee-like estate. Applying that construction, the Quilon property belonged beneficially to the daughters under the will, and the assessee held only the legal title. The principle that an unrestricted gift of income or produce carries the corpus supported this result, and sections 88 and 172 of the Indian Succession Act, 1925 did not displace it. Accordingly, the capital gains on sale of the property were not taxable in the assessee's hands. en-us Mon, 02 Mar 1992 00:00:00 +0530 Thu, 07 Apr 2011 16:35:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69564 A will that directs the income or sale proceeds of a property to be used for specified beneficiaries without limiting the duration of that enjoyment confers the beneficial interest on those beneficiaries, with the legal holder retaining only a trustee-like estate. Applying that construction, the Quilon property belonged beneficially to the daughters under the will, and the assessee held only the legal title. The principle that an unrestricted gift of income or produce carries the corpus supported this result, and sections 88 and 172 of the Indian Succession Act, 1925 did not displace it. Accordingly, the capital gains on sale of the property were not taxable in the assessee's hands. Case-Laws Income Tax Mon, 02 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69564