https://www.taxtmi.com/caselaws?id=8175 A transfer amounts to a gift under the Gift-tax Act only where existing property is effectively transferred, and a trust may qualify as such a transfer. A valid trust under the Indian Trusts Act requires clear intention, identifiable trust property and beneficiary, acceptance of the obligation, and transfer of the property to the trustee where author and trustees are different persons. Here, although the deed indicated an intention to create a trust, it was not signed by the trustees and did not effect a transfer of the right to receive compensation bonds. The settlor's subsequent conduct showed that he retained and treated the right as his own, so no valid trust or taxable gift arose. en-us Wed, 10 Mar 1971 00:00:00 +0530 Tue, 31 Mar 2009 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8175 A transfer amounts to a gift under the Gift-tax Act only where existing property is effectively transferred, and a trust may qualify as such a transfer. A valid trust under the Indian Trusts Act requires clear intention, identifiable trust property and beneficiary, acceptance of the obligation, and transfer of the property to the trustee where author and trustees are different persons. Here, although the deed indicated an intention to create a trust, it was not signed by the trustees and did not effect a transfer of the right to receive compensation bonds. The settlor's subsequent conduct showed that he retained and treated the right as his own, so no valid trust or taxable gift arose. Case-Laws Income Tax Wed, 10 Mar 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8175