https://www.taxtmi.com/caselaws?id=23417 Transfer of 20,000 shares to the intended spouse under the 5 December 1969 agreement was held to be a "gift" under section 2(xii) of the Gift-tax Act because, on the factual findings, the transfer was made only in consideration of the recipient's agreement to marry the assessee. The Court treated a promise of marriage as valid contractual consideration, but not as consideration in money or money's worth for gift-tax purposes. Alleged additional considerations, including giving up employment and supporting parents, were rejected as unsupported by the agreement and the record. The transfer was therefore chargeable to gift tax. en-us Mon, 04 Jun 1990 00:00:00 +0530 Sat, 19 Dec 2009 11:18:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23417 Transfer of 20,000 shares to the intended spouse under the 5 December 1969 agreement was held to be a "gift" under section 2(xii) of the Gift-tax Act because, on the factual findings, the transfer was made only in consideration of the recipient's agreement to marry the assessee. The Court treated a promise of marriage as valid contractual consideration, but not as consideration in money or money's worth for gift-tax purposes. Alleged additional considerations, including giving up employment and supporting parents, were rejected as unsupported by the agreement and the record. The transfer was therefore chargeable to gift tax. Case-Laws Income Tax Mon, 04 Jun 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23417