https://www.taxtmi.com/caselaws?id=17163 Demand drafts purchased in foreign currency at Kuala Lumpur and issued in the names of the donees were treated as gifts of movable property situated outside India. The court applied the principle that an intangible movable debt is situated where the debtor is located, and held that the relevant property at the time of acceptance was the foreign bank's debt to the donees, not cash delivered in India. As the drafts represented only the right to realise money from the foreign bank, the gifts fell within the exemption for movable property outside India under section 5(1)(ii) of the Gift-tax Act, 1958. en-us Mon, 22 Dec 1997 00:00:00 +0530 Tue, 15 Sep 2009 15:17:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17163 Demand drafts purchased in foreign currency at Kuala Lumpur and issued in the names of the donees were treated as gifts of movable property situated outside India. The court applied the principle that an intangible movable debt is situated where the debtor is located, and held that the relevant property at the time of acceptance was the foreign bank's debt to the donees, not cash delivered in India. As the drafts represented only the right to realise money from the foreign bank, the gifts fell within the exemption for movable property outside India under section 5(1)(ii) of the Gift-tax Act, 1958. Case-Laws Income Tax Mon, 22 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17163