https://www.taxtmi.com/caselaws?id=27022 A minor admitted only to the benefits of partnership is not a partner and acquires only the contractual rights conferred by the deed under section 30 of the Indian Partnership Act, 1932. Where the deed gave the minor only a share in profits and no share in the firm's property, the arrangement did not involve transfer, disposition, or alienation of existing property. On that basis, admission to benefits alone was not treated as a transfer of goodwill or other property and did not create a deemed gift under the Gift-tax Act, so no gift-tax liability arose. en-us Fri, 10 May 1985 00:00:00 +0530 Wed, 10 Feb 2010 12:23:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27022 A minor admitted only to the benefits of partnership is not a partner and acquires only the contractual rights conferred by the deed under section 30 of the Indian Partnership Act, 1932. Where the deed gave the minor only a share in profits and no share in the firm's property, the arrangement did not involve transfer, disposition, or alienation of existing property. On that basis, admission to benefits alone was not treated as a transfer of goodwill or other property and did not create a deemed gift under the Gift-tax Act, so no gift-tax liability arose. Case-Laws Income Tax Fri, 10 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27022