https://www.taxtmi.com/caselaws?id=16899 The Gift-tax Act treats certain transactions as deemed gifts where property is converted into joint family property or thrown into common stock, and the transferor is treated as making a gift of the share beneficially attributable to other members. In the stated HUF context, renovation expenditure on an ancestral house was treated as conferring a benefit on the brothers to the extent of their shares, bringing the amount within the statutory deeming provision. The operative principle is that tax liability can arise by legal fiction even without a conventional transfer for consideration when the statute expressly deems the transaction to be a gift. en-us Tue, 22 Jul 1997 00:00:00 +0530 Sat, 12 Sep 2009 18:21:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16899 The Gift-tax Act treats certain transactions as deemed gifts where property is converted into joint family property or thrown into common stock, and the transferor is treated as making a gift of the share beneficially attributable to other members. In the stated HUF context, renovation expenditure on an ancestral house was treated as conferring a benefit on the brothers to the extent of their shares, bringing the amount within the statutory deeming provision. The operative principle is that tax liability can arise by legal fiction even without a conventional transfer for consideration when the statute expressly deems the transaction to be a gift. Case-Laws Income Tax Tue, 22 Jul 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16899