https://www.taxtmi.com/caselaws?id=218832 Transfer of immovable property was required to be examined as a deemed gift under the Gift Tax Act, and valuation had to capture the full transferred interest, including the right to receive rent and the reversionary interest. The statutory valuation mechanism under Schedule II of the Gift Tax Act, read with Schedule III of the Wealth Tax Act, applied to determine the taxable value. The land valuation based on comparable sales was accepted, but the building valuation had to be recomputed by allowing depreciation and applying the correct capitalisation approach from annual letting value. The reversionary interest could not be ignored, so the Revenue's valuation was sustained only in part. en-us Fri, 22 Jun 2012 00:00:00 +0530 Thu, 08 Nov 2012 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218832 Transfer of immovable property was required to be examined as a deemed gift under the Gift Tax Act, and valuation had to capture the full transferred interest, including the right to receive rent and the reversionary interest. The statutory valuation mechanism under Schedule II of the Gift Tax Act, read with Schedule III of the Wealth Tax Act, applied to determine the taxable value. The land valuation based on comparable sales was accepted, but the building valuation had to be recomputed by allowing depreciation and applying the correct capitalisation approach from annual letting value. The reversionary interest could not be ignored, so the Revenue's valuation was sustained only in part. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218832