https://www.taxtmi.com/caselaws?id=18128 A transfer by a Hindu undivided family to minor daughters, made to provide for maintenance and marriage, was treated as discharge of a legal obligation and a family arrangement rather than a gratuitous gift; it was therefore not chargeable to gift-tax. Interest credited on amounts kept with the family business was allowed as a deduction because the funds were used in the business and the interest satisfied the borrowing requirement under section 36(1)(iii). The amounts standing to the daughters' credit, including accretions, were not part of the assessee-family's assets and were excluded from net wealth. en-us Tue, 20 Feb 1996 00:00:00 +0530 Tue, 29 Sep 2009 10:03:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18128 A transfer by a Hindu undivided family to minor daughters, made to provide for maintenance and marriage, was treated as discharge of a legal obligation and a family arrangement rather than a gratuitous gift; it was therefore not chargeable to gift-tax. Interest credited on amounts kept with the family business was allowed as a deduction because the funds were used in the business and the interest satisfied the borrowing requirement under section 36(1)(iii). The amounts standing to the daughters' credit, including accretions, were not part of the assessee-family's assets and were excluded from net wealth. Case-Laws Income Tax Tue, 20 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18128