https://www.taxtmi.com/caselaws?id=6618 Section 16(3)(a)(iii) applies where funds gifted to a spouse constituted the major part of the consideration for acquiring property; the transfer is treated as for inadequate consideration and attracts attribution. Because the transferred Rs. 45,000 formed the principal part of the purchase consideration and was not shown to be adequate consideration, income of Rs. 2,044 from the house property is attributable to and taxable in the transferor's hands despite subsequent conversion of the funds into the property. en-us Wed, 13 Oct 1965 00:00:00 +0530 Tue, 27 Jan 2009 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6618 Section 16(3)(a)(iii) applies where funds gifted to a spouse constituted the major part of the consideration for acquiring property; the transfer is treated as for inadequate consideration and attracts attribution. Because the transferred Rs. 45,000 formed the principal part of the purchase consideration and was not shown to be adequate consideration, income of Rs. 2,044 from the house property is attributable to and taxable in the transferor's hands despite subsequent conversion of the funds into the property. Case-Laws Income Tax Wed, 13 Oct 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6618