https://www.taxtmi.com/caselaws?id=262263 Stock exchange membership was treated as a distinct personal privilege, separate from shareholding, and the Articles of Association imposed separate eligibility, admission, transfer, and termination rules. On that basis, membership of the Delhi Stock Exchange was held not to be property or an asset of the member, so its transfer was not exigible to gift tax. Because the membership right was excluded from taxable property, the value of the membership ticket could not be added to the gifted share on a composite valuation basis. The valuation approach adopted by the tax authorities was rejected. 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 was treated as a distinct personal privilege, separate from shareholding, and the Articles of Association imposed separate eligibility, admission, transfer, and termination rules. On that basis, membership of the Delhi Stock Exchange was held not to be property or an asset of the member, so its transfer was not exigible to gift tax. Because the membership right was excluded from taxable property, the value of the membership ticket could not be added to the gifted share on a composite valuation basis. The valuation approach adopted by the tax authorities was rejected. Case-Laws Income Tax Mon, 20 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262263