https://www.taxtmi.com/caselaws?id=271111 A voluntary settlement of immovable property to a daughter, made without monetary consideration and out of natural love and affection, was treated as a gift and therefore fell within section 47(iii) of the Income-tax Act, 1961, excluding it from transfer for capital gains purposes. The discussion also noted that the availability of relief under section 54 depended on the property's status during the restriction period, and the material before the department on that point was incomplete. The matter was therefore remitted for limited verification of the present status of the property and for fresh decision after hearing. en-us Tue, 29 Dec 2015 00:00:00 +0530 Wed, 27 Jan 2016 16:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271111 A voluntary settlement of immovable property to a daughter, made without monetary consideration and out of natural love and affection, was treated as a gift and therefore fell within section 47(iii) of the Income-tax Act, 1961, excluding it from transfer for capital gains purposes. The discussion also noted that the availability of relief under section 54 depended on the property's status during the restriction period, and the material before the department on that point was incomplete. The matter was therefore remitted for limited verification of the present status of the property and for fresh decision after hearing. Case-Laws Income Tax Tue, 29 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271111