https://www.taxtmi.com/caselaws?id=14170 Creation of a trust in immovable property, when made voluntarily and without consideration, constitutes a transfer under section 2(xxiv)(a) because the statutory definition expressly includes creation of a trust in property. Where the family members had assented to the transfer and the trust deed was treated as valid in related income-tax proceedings, the transfer of the existing property was properly characterised as a gift under section 2(xii). The result was that the transfer fell within the Gift-tax Act and was taxable as a gift. en-us Mon, 12 Mar 2001 00:00:00 +0530 Tue, 14 Jul 2009 12:06:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14170 Creation of a trust in immovable property, when made voluntarily and without consideration, constitutes a transfer under section 2(xxiv)(a) because the statutory definition expressly includes creation of a trust in property. Where the family members had assented to the transfer and the trust deed was treated as valid in related income-tax proceedings, the transfer of the existing property was properly characterised as a gift under section 2(xii). The result was that the transfer fell within the Gift-tax Act and was taxable as a gift. Case-Laws Income Tax Mon, 12 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14170