https://www.taxtmi.com/caselaws?id=10042 Transfer of stock exchange membership for less than market value was treated as transfer of property capable of attracting deemed gift-tax on the undervalued portion, because the membership card was regarded as an asset transferable for consideration. The same shortfall, however, could not be taxed again under the Income-tax Act after being brought to tax as a deemed gift. Capital gains were confined to the actual consideration received, not the amount already subjected to gift-tax, thereby preventing double taxation of the same difference. en-us Thu, 22 Apr 2004 00:00:00 +0530 Mon, 06 Jul 2009 16:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10042 Transfer of stock exchange membership for less than market value was treated as transfer of property capable of attracting deemed gift-tax on the undervalued portion, because the membership card was regarded as an asset transferable for consideration. The same shortfall, however, could not be taxed again under the Income-tax Act after being brought to tax as a deemed gift. Capital gains were confined to the actual consideration received, not the amount already subjected to gift-tax, thereby preventing double taxation of the same difference. Case-Laws Income Tax Thu, 22 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10042