https://www.taxtmi.com/caselaws?id=20250 Money genuinely set apart in a transfer for a parent's obligation to provide education for children does not constitute a taxable gift to that extent. The exemption under section 5(1)(xii) of the Gift-tax Act applied where the amount was specifically earmarked for educational expenses, and that obligation was not limited to higher or specialised education but extended to ordinary school education as well. The Board's instructions could not change the legal character of actual educational expenditure, and the factual finding that the children were already in school supported the conclusion that the sum was genuinely reserved for that purpose. The amount was therefore exempt, and the issue was decided in favour of the assessee. en-us Tue, 18 Jan 1994 00:00:00 +0530 Thu, 12 Nov 2009 17:04:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20250 Money genuinely set apart in a transfer for a parent's obligation to provide education for children does not constitute a taxable gift to that extent. The exemption under section 5(1)(xii) of the Gift-tax Act applied where the amount was specifically earmarked for educational expenses, and that obligation was not limited to higher or specialised education but extended to ordinary school education as well. The Board's instructions could not change the legal character of actual educational expenditure, and the factual finding that the children were already in school supported the conclusion that the sum was genuinely reserved for that purpose. The amount was therefore exempt, and the issue was decided in favour of the assessee. Case-Laws Income Tax Tue, 18 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20250