https://www.taxtmi.com/caselaws?id=7524 Under Mitakshara law, a wife or mother has no vested share in joint family property before partition by metes and bounds, and her entitlement is limited to maintenance until that stage. On the facts, the assessee had no existing interest in the 1,320 shares before partition was completed, so her agreement not to take an allotment was not a transfer, disposition, surrender, release, or abandonment of property within the Gift-tax Act. The Tribunal's finding that the transaction was bona fide also supported non-application of the deemed gift provision. The arrangement was therefore not a taxable gift and no deemed gift arose. en-us Fri, 02 May 1969 00:00:00 +0530 Sat, 21 Feb 2009 19:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7524 Under Mitakshara law, a wife or mother has no vested share in joint family property before partition by metes and bounds, and her entitlement is limited to maintenance until that stage. On the facts, the assessee had no existing interest in the 1,320 shares before partition was completed, so her agreement not to take an allotment was not a transfer, disposition, surrender, release, or abandonment of property within the Gift-tax Act. The Tribunal's finding that the transaction was bona fide also supported non-application of the deemed gift provision. The arrangement was therefore not a taxable gift and no deemed gift arose. Case-Laws Income Tax Fri, 02 May 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7524