https://www.taxtmi.com/caselaws?id=71467 For gift-tax valuation, the market value of a gifted plot is to reflect the price it would fetch in the open market on the relevant date, and a claimed reduction for unearned increase is not allowable where the society's transfer rule exempts transfers to an immediate family member or legal heir from that burden. In that situation, the obligation is not a deductible incident of the property itself, only a nominal transfer fee is payable, and the full market value remains the proper valuation base. The revisional order under section 24 of the Gift Tax Act was therefore justified, and the assessee's challenge to the valuation failed. en-us Thu, 29 Oct 1992 00:00:00 +0530 Mon, 25 Apr 2011 10:36:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71467 For gift-tax valuation, the market value of a gifted plot is to reflect the price it would fetch in the open market on the relevant date, and a claimed reduction for unearned increase is not allowable where the society's transfer rule exempts transfers to an immediate family member or legal heir from that burden. In that situation, the obligation is not a deductible incident of the property itself, only a nominal transfer fee is payable, and the full market value remains the proper valuation base. The revisional order under section 24 of the Gift Tax Act was therefore justified, and the assessee's challenge to the valuation failed. Case-Laws Income Tax Thu, 29 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71467