https://www.taxtmi.com/caselaws?id=251970 A family partition or dissolution of partnership that merely reallocates assets in line with antecedent rights does not create a new transfer for gift tax purposes. Where property originally stood in the joint or common enjoyment of family members, an allotment to one member is treated as a rearrangement of existing interests rather than a voluntary transfer without consideration. The statutory concept of "gift" under the Gift Tax Act therefore applies only when there is a genuine transfer of title for no consideration, which is absent in a partition or similar family adjustment. en-us Tue, 24 Jun 2014 00:00:00 +0530 Fri, 20 Feb 2015 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251970 A family partition or dissolution of partnership that merely reallocates assets in line with antecedent rights does not create a new transfer for gift tax purposes. Where property originally stood in the joint or common enjoyment of family members, an allotment to one member is treated as a rearrangement of existing interests rather than a voluntary transfer without consideration. The statutory concept of "gift" under the Gift Tax Act therefore applies only when there is a genuine transfer of title for no consideration, which is absent in a partition or similar family adjustment. Case-Laws Income Tax Tue, 24 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251970