https://www.taxtmi.com/caselaws?id=192812 The Gift-tax Act, 1958 treats a declaration converting self-acquired property into joint Hindu family property as a transfer where the owner divests exclusive ownership and diminishes his own property while increasing the value of the family property. The statutory definition in section 2(xxiv)(d) is broader than the Transfer of Property Act and covers transactions intended to reduce the value of one person's property and benefit another person, including a Hindu undivided family. Where such conversion is made without adequate consideration, it is treated as a gift under section 2(xii) read with section 4(a) of the Act. en-us Fri, 27 Mar 1964 00:00:00 +0530 Thu, 22 Jun 2017 17:55:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192812 The Gift-tax Act, 1958 treats a declaration converting self-acquired property into joint Hindu family property as a transfer where the owner divests exclusive ownership and diminishes his own property while increasing the value of the family property. The statutory definition in section 2(xxiv)(d) is broader than the Transfer of Property Act and covers transactions intended to reduce the value of one person's property and benefit another person, including a Hindu undivided family. Where such conversion is made without adequate consideration, it is treated as a gift under section 2(xii) read with section 4(a) of the Act. Case-Laws Income Tax Fri, 27 Mar 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192812