https://www.taxtmi.com/caselaws?id=8391 A voluntary settlement that vests an interest in immovable property on execution constitutes a gift under the Gift-tax Act even if possession and enjoyment are postponed by prior life interests. The Act's definition of "gift" is broader than the Transfer of Property Act and includes the creation or grant of an interest in property without consideration. Here, the donor retained a life interest, the wife received a further life interest, and the son took an absolute reversionary interest immediately on the deed's execution. Deferred enjoyment did not prevent the transfer of interest, so the transaction was taxable as a gift. en-us Thu, 21 Jan 1971 00:00:00 +0530 Sat, 28 Mar 2020 13:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8391 A voluntary settlement that vests an interest in immovable property on execution constitutes a gift under the Gift-tax Act even if possession and enjoyment are postponed by prior life interests. The Act's definition of "gift" is broader than the Transfer of Property Act and includes the creation or grant of an interest in property without consideration. Here, the donor retained a life interest, the wife received a further life interest, and the son took an absolute reversionary interest immediately on the deed's execution. Deferred enjoyment did not prevent the transfer of interest, so the transaction was taxable as a gift. Case-Laws Income Tax Thu, 21 Jan 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8391