https://www.taxtmi.com/caselaws?id=262263 Stock exchange membership, distinct from shareholding under the applicable articles, constitutes a personal privilege rather than property of the member. Because it is non-transferable except within limited rules and does not form an asset of the member, its transfer is not subject to gift tax. The value of a membership ticket cannot be included in valuing a gifted share, as valuation cannot adopt a composite value for the share and a non-taxable membership right. The tax authorities' composite valuation approach was rejected, and both substantive issues were resolved in favour of the assessee. en-us Mon, 20 Jul 2015 00:00:00 +0530 Sat, 07 Nov 2015 15:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262263 Stock exchange membership, distinct from shareholding under the applicable articles, constitutes a personal privilege rather than property of the member. Because it is non-transferable except within limited rules and does not form an asset of the member, its transfer is not subject to gift tax. The value of a membership ticket cannot be included in valuing a gifted share, as valuation cannot adopt a composite value for the share and a non-taxable membership right. The tax authorities' composite valuation approach was rejected, and both substantive issues were resolved in favour of the assessee. Case-Laws Income Tax Mon, 20 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262263