https://www.taxtmi.com/caselaws?id=8680 A business standing in a coparcener's name is not presumed to be joint family property, but that inference arises where a sufficient joint family nucleus and surrounding circumstances show that the business grew out of family assets. On the facts described, the family properties were adequate to support such a nucleus and the son's participation in the business reinforced the conclusion that it belonged to the Hindu undivided family. If the business is already joint family property, its conversion into a partnership and allotment of a share to a family member does not involve a transfer by the father and does not attract gift-tax; the same result follows where the facts show blending into family property rather than a taxable transfer. en-us Fri, 21 Apr 1972 00:00:00 +0530 Wed, 20 May 2009 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8680 A business standing in a coparcener's name is not presumed to be joint family property, but that inference arises where a sufficient joint family nucleus and surrounding circumstances show that the business grew out of family assets. On the facts described, the family properties were adequate to support such a nucleus and the son's participation in the business reinforced the conclusion that it belonged to the Hindu undivided family. If the business is already joint family property, its conversion into a partnership and allotment of a share to a family member does not involve a transfer by the father and does not attract gift-tax; the same result follows where the facts show blending into family property rather than a taxable transfer. Case-Laws Income Tax Fri, 21 Apr 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8680