https://www.taxtmi.com/caselaws?id=18091 A beneficiary's relinquishment of beneficial interest in trust property was treated as outside the scope of "gift" under the Gift-tax Act, 1958. The commentary explains that section 2(xii) requires a voluntary transfer of existing property without consideration in money or money's worth, while a beneficiary's right is only an enforceable interest against the trustees, not ownership of the trust property. On that basis, the release deeds executed in favour of other beneficiaries were characterised as mere relinquishment of beneficial rights and not as a transfer attracting gift-tax. The stated conclusion is that the transactions did not constitute taxable gifts and fell outside gift-tax liability. en-us Thu, 07 Mar 1996 00:00:00 +0530 Sat, 26 Sep 2009 16:43:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18091 A beneficiary's relinquishment of beneficial interest in trust property was treated as outside the scope of "gift" under the Gift-tax Act, 1958. The commentary explains that section 2(xii) requires a voluntary transfer of existing property without consideration in money or money's worth, while a beneficiary's right is only an enforceable interest against the trustees, not ownership of the trust property. On that basis, the release deeds executed in favour of other beneficiaries were characterised as mere relinquishment of beneficial rights and not as a transfer attracting gift-tax. The stated conclusion is that the transactions did not constitute taxable gifts and fell outside gift-tax liability. Case-Laws Income Tax Thu, 07 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18091