https://www.taxtmi.com/circulars?id=9496 Section 4(1)(a) deems a gift equal to the excess of market value over consideration only after the assessing authority determines that the transfer was made otherwise than for adequate consideration. Market value normally constitutes adequate consideration, but if the transferor proves cogent and bonafide reasons for inability to obtain full market value, the consideration may be regarded as adequate; the burden of proof lies with the transferor to satisfy the assessing authority. en-us Wed, 16 Mar 1983 00:00:00 +0530 Mon, 06 Jun 2011 15:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9496 Section 4(1)(a) deems a gift equal to the excess of market value over consideration only after the assessing authority determines that the transfer was made otherwise than for adequate consideration. Market value normally constitutes adequate consideration, but if the transferor proves cogent and bonafide reasons for inability to obtain full market value, the consideration may be regarded as adequate; the burden of proof lies with the transferor to satisfy the assessing authority. Circulars Income Tax Wed, 16 Mar 1983 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9496