https://www.taxtmi.com/caselaws?id=26706 A release of a life interest in gifted property was not treated as a gift where the assessee had originally received only a life interest and later relinquished it in favour of her children. Under the Gift-tax Act, a transfer is a gift only if made voluntarily and without consideration, and deemed gift treatment for a release or surrender applies only where the release is not found bona fide; no such adverse finding was recorded. The provision dealing with surrender of life interest for inadequate or no consideration was also inapplicable for the assessment year concerned. Accordingly, the income from the property could not be assessed in the assessee's hands under section 64 of the Income-tax Act, 1961. en-us Wed, 11 Jun 1986 00:00:00 +0530 Sat, 06 Feb 2010 18:44:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26706 A release of a life interest in gifted property was not treated as a gift where the assessee had originally received only a life interest and later relinquished it in favour of her children. Under the Gift-tax Act, a transfer is a gift only if made voluntarily and without consideration, and deemed gift treatment for a release or surrender applies only where the release is not found bona fide; no such adverse finding was recorded. The provision dealing with surrender of life interest for inadequate or no consideration was also inapplicable for the assessment year concerned. Accordingly, the income from the property could not be assessed in the assessee's hands under section 64 of the Income-tax Act, 1961. Case-Laws Income Tax Wed, 11 Jun 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26706