https://www.taxtmi.com/caselaws?id=8354 A gift of shares is complete inter se donor and donee when the donor delivers the share certificates and transfer deeds and the donee accepts the transfer; later registration in the company's books only evidences the company's recognition and does not delay passage of beneficial ownership. The transferor may remain the legal holder until registration, but equity treats the transferee as the beneficial owner once the donor has done all that is necessary to divest ownership. On the stated facts, the gifts were completed on 26 November 1956 on delivery and acceptance, so the later registration dates did not postpone completion for gift-tax purposes. en-us Wed, 03 Nov 1971 00:00:00 +0530 Fri, 10 Apr 2009 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8354 A gift of shares is complete inter se donor and donee when the donor delivers the share certificates and transfer deeds and the donee accepts the transfer; later registration in the company's books only evidences the company's recognition and does not delay passage of beneficial ownership. The transferor may remain the legal holder until registration, but equity treats the transferee as the beneficial owner once the donor has done all that is necessary to divest ownership. On the stated facts, the gifts were completed on 26 November 1956 on delivery and acceptance, so the later registration dates did not postpone completion for gift-tax purposes. Case-Laws Income Tax Wed, 03 Nov 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8354