https://www.taxtmi.com/caselaws?id=70242 Release of an undivided 1/4th interest in a single indivisible residential house did not create a deemed gift under section 4(1)(a) of the Gift-tax Act because the asset could not be separately enjoyed or separately sold. The Revenue failed to show that the consideration was inadequate or that the transaction was mala fide. In the absence of proof that the transfer was otherwise than for adequate consideration, the statutory condition for deeming a gift was not satisfied, and the gift-tax assessment was cancelled. en-us Sat, 03 Dec 1983 00:00:00 +0530 Fri, 15 Apr 2011 10:28:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70242 Release of an undivided 1/4th interest in a single indivisible residential house did not create a deemed gift under section 4(1)(a) of the Gift-tax Act because the asset could not be separately enjoyed or separately sold. The Revenue failed to show that the consideration was inadequate or that the transaction was mala fide. In the absence of proof that the transfer was otherwise than for adequate consideration, the statutory condition for deeming a gift was not satisfied, and the gift-tax assessment was cancelled. Case-Laws Income Tax Sat, 03 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70242