https://www.taxtmi.com/caselaws?id=13958 A booking or allotment benefit conferring an existing transferable right was treated as property capable of valuation for gift-tax purposes. The transfer of booked flat accommodation was not confined to the cash already paid to the builders; it also included the benefit of the booking agreement and the associated right of allotment. Because that right was voluntary, transferable and without consideration, it formed part of the taxable gift and could be valued at open market value. The existence of the right of allotment and its transfer to the donees were upheld, and the valuation on that basis was sustained in favour of the Revenue. en-us Tue, 15 May 2001 00:00:00 +0530 Mon, 06 Jul 2009 15:45:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13958 A booking or allotment benefit conferring an existing transferable right was treated as property capable of valuation for gift-tax purposes. The transfer of booked flat accommodation was not confined to the cash already paid to the builders; it also included the benefit of the booking agreement and the associated right of allotment. Because that right was voluntary, transferable and without consideration, it formed part of the taxable gift and could be valued at open market value. The existence of the right of allotment and its transfer to the donees were upheld, and the valuation on that basis was sustained in favour of the Revenue. Case-Laws Income Tax Tue, 15 May 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13958