https://www.taxtmi.com/caselaws?id=12328 Transfer of jewellery by the assessee was treated as a gift under the Gift-tax Act because the transfer was made voluntarily, without consideration, and divested the transferor of all rights in the property for the specified period. The transferee obtained full ownership and enjoyment during that period, and the fact that the transfer was revocable after 74 months did not change its character while it remained irrevocable. The transaction therefore fell within the statutory concept of gift and was chargeable to gift tax, with the issue decided against the assessee and in favour of the Revenue. en-us Thu, 01 Aug 2002 00:00:00 +0530 Sun, 21 Feb 2010 16:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12328 Transfer of jewellery by the assessee was treated as a gift under the Gift-tax Act because the transfer was made voluntarily, without consideration, and divested the transferor of all rights in the property for the specified period. The transferee obtained full ownership and enjoyment during that period, and the fact that the transfer was revocable after 74 months did not change its character while it remained irrevocable. The transaction therefore fell within the statutory concept of gift and was chargeable to gift tax, with the issue decided against the assessee and in favour of the Revenue. Case-Laws Income Tax Thu, 01 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12328