https://www.taxtmi.com/caselaws?id=25090 Unequal allocation of partnership assets on dissolution can fall within the extended meaning of "transfer of property" under the Gift-tax Act where one partner receives assets worth less than the value of his share and the other receives the balance. A normal or approximately equal division of partnership property on dissolution is treated only as an adjustment of rights, not a transfer. However, where the distribution is skewed so that one partner's share is diminished and another's correspondingly increased, the excess value received may constitute a deemed gift to that extent and attract gift-tax. en-us Mon, 25 Apr 1988 00:00:00 +0530 Mon, 25 Jan 2010 12:59:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25090 Unequal allocation of partnership assets on dissolution can fall within the extended meaning of "transfer of property" under the Gift-tax Act where one partner receives assets worth less than the value of his share and the other receives the balance. A normal or approximately equal division of partnership property on dissolution is treated only as an adjustment of rights, not a transfer. However, where the distribution is skewed so that one partner's share is diminished and another's correspondingly increased, the excess value received may constitute a deemed gift to that extent and attract gift-tax. Case-Laws Income Tax Mon, 25 Apr 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25090