https://www.taxtmi.com/caselaws?id=200646 A voluntary transfer of movable property made out of the assessee's share in a family arrangement was held to be a taxable gift under the Gift-tax Act, 1958. The court reasoned that the minor grandson had no enforceable right against the assessee at the earlier partition, and the assessee was under no legal obligation to allot property to him. Because the transfer was made without consideration in money or money's worth, it fell within the wider statutory definition of "gift" in section 2(xii), regardless of any family or practical considerations behind the arrangement. The transfer was therefore taxable and the answer was against the assessee. en-us Wed, 11 Mar 1964 00:00:00 +0530 Tue, 10 Apr 2018 11:59:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200646 A voluntary transfer of movable property made out of the assessee's share in a family arrangement was held to be a taxable gift under the Gift-tax Act, 1958. The court reasoned that the minor grandson had no enforceable right against the assessee at the earlier partition, and the assessee was under no legal obligation to allot property to him. Because the transfer was made without consideration in money or money's worth, it fell within the wider statutory definition of "gift" in section 2(xii), regardless of any family or practical considerations behind the arrangement. The transfer was therefore taxable and the answer was against the assessee. Case-Laws Income Tax Wed, 11 Mar 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200646