https://www.taxtmi.com/caselaws?id=7668 Gift-tax valuation must reflect a burden attached to the gifted property, not merely the nominal transfer. Where registered gift deeds required each donee to pay Rs. 20,000 and that condition was embedded in both the recital and operative part, the transfer was treated as an onerous gift or as property subject to an annexed obligation. Because such liability would affect the price the property would fetch in the open market under section 6 of the Gift-tax Act, the amount payable by the donees was deductible from the total value of the gifts and could not be ignored as a purely personal undertaking. en-us Wed, 29 Jan 1969 00:00:00 +0530 Tue, 17 Mar 2009 12:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7668 Gift-tax valuation must reflect a burden attached to the gifted property, not merely the nominal transfer. Where registered gift deeds required each donee to pay Rs. 20,000 and that condition was embedded in both the recital and operative part, the transfer was treated as an onerous gift or as property subject to an annexed obligation. Because such liability would affect the price the property would fetch in the open market under section 6 of the Gift-tax Act, the amount payable by the donees was deductible from the total value of the gifts and could not be ignored as a purely personal undertaking. Case-Laws Income Tax Wed, 29 Jan 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7668