https://www.taxtmi.com/caselaws?id=168339 Co-owners holding property as tenants-in-common with definite shares remain taxable in their individual capacities for gift-tax purposes; a common gift deed does not, by itself, convert separate owners into an association of persons or body of individuals. The Gift-tax Act, 1958 was applied according to the legal incidents of co-ownership, and the court held that the Act did not alter general property law or the separate character of each donee's share. Assessment as an association of persons was therefore improper, and the assessee-co-owners were assessable only individually. en-us Thu, 16 Sep 1971 00:00:00 +0530 Sat, 21 Feb 2015 13:05:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168339 Co-owners holding property as tenants-in-common with definite shares remain taxable in their individual capacities for gift-tax purposes; a common gift deed does not, by itself, convert separate owners into an association of persons or body of individuals. The Gift-tax Act, 1958 was applied according to the legal incidents of co-ownership, and the court held that the Act did not alter general property law or the separate character of each donee's share. Assessment as an association of persons was therefore improper, and the assessee-co-owners were assessable only individually. Case-Laws Income Tax Thu, 16 Sep 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168339