https://www.taxtmi.com/caselaws?id=18635 A transfer by relinquishment or extinguishment of rights in shares and other property fell within the statutory meaning of transfer, because the assessee parted with ownership and the wife became owner. However, no taxable capital gain arose because the property was given in connection with an agreement to live apart under a consent decree, and the assessee received no material benefit constituting profit or gain chargeable under the capital gains head. The transaction was therefore a transfer, but on the facts found it did not generate capital gains. en-us Wed, 03 Jan 1996 00:00:00 +0530 Sat, 31 Oct 2009 10:33:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18635 A transfer by relinquishment or extinguishment of rights in shares and other property fell within the statutory meaning of transfer, because the assessee parted with ownership and the wife became owner. However, no taxable capital gain arose because the property was given in connection with an agreement to live apart under a consent decree, and the assessee received no material benefit constituting profit or gain chargeable under the capital gains head. The transaction was therefore a transfer, but on the facts found it did not generate capital gains. Case-Laws Income Tax Wed, 03 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18635