https://www.taxtmi.com/caselaws?id=21882 For exemption under section 5(1)(xii) of the Gift-tax Act, the Court held that the gifted property must be valued on its market value under section 6, and the income derived from that property cannot be added when fixing the reasonable amount eligible for exemption. The Tribunal erred in combining the corpus value with income from the gifted land transferred for the donees' education. The exempt amount is confined to the market value of the gift, and the assessee succeeded on that issue. en-us Tue, 02 Jul 1991 00:00:00 +0530 Wed, 02 Dec 2009 18:02:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21882 For exemption under section 5(1)(xii) of the Gift-tax Act, the Court held that the gifted property must be valued on its market value under section 6, and the income derived from that property cannot be added when fixing the reasonable amount eligible for exemption. The Tribunal erred in combining the corpus value with income from the gifted land transferred for the donees' education. The exempt amount is confined to the market value of the gift, and the assessee succeeded on that issue. Case-Laws Income Tax Tue, 02 Jul 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21882