https://www.taxtmi.com/caselaws?id=24932 Conversion of individual property into joint family property was held to attract gift-tax for assessment year 1973-74 because the law in force on the first day of that assessment year applied, and section 4(2) operated on the transaction within the relevant previous year. The amendment created a deeming gift without any contrary indication excluding such transfers from its scope. However, the portion deemed to be gifted to the wife also qualified for exemption under section 5(1)(viii), because the statutory exemption attached to the deemed gift could not be denied merely due to the deeming fiction. en-us Mon, 23 Nov 1987 00:00:00 +0530 Sat, 23 Jan 2010 12:40:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24932 Conversion of individual property into joint family property was held to attract gift-tax for assessment year 1973-74 because the law in force on the first day of that assessment year applied, and section 4(2) operated on the transaction within the relevant previous year. The amendment created a deeming gift without any contrary indication excluding such transfers from its scope. However, the portion deemed to be gifted to the wife also qualified for exemption under section 5(1)(viii), because the statutory exemption attached to the deemed gift could not be denied merely due to the deeming fiction. Case-Laws Income Tax Mon, 23 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24932