https://www.taxtmi.com/caselaws?id=11973 A valid gift of immovable property transfers ownership immediately where the deed shows delivery of possession, relinquishment of the donor's rights, and no reserved reversion. In that situation, the property vests in the donee and the income from it is not assessable in the donor's hands. A contemporaneous agreement will not be read with the gift deed to convert an otherwise absolute transfer into a conditional one when it deals with separate post-transfer obligations, such as use restrictions or breach charges. The document notes that once the statutory requirements of transfer and acceptance are satisfied, tax consequences follow the vested donee. en-us Thu, 23 Jan 2003 00:00:00 +0530 Sun, 14 Feb 2010 10:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11973 A valid gift of immovable property transfers ownership immediately where the deed shows delivery of possession, relinquishment of the donor's rights, and no reserved reversion. In that situation, the property vests in the donee and the income from it is not assessable in the donor's hands. A contemporaneous agreement will not be read with the gift deed to convert an otherwise absolute transfer into a conditional one when it deals with separate post-transfer obligations, such as use restrictions or breach charges. The document notes that once the statutory requirements of transfer and acceptance are satisfied, tax consequences follow the vested donee. Case-Laws Income Tax Thu, 23 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11973