https://www.taxtmi.com/caselaws?id=27724 Gift-tax liability arose on a transfer of title by gift, with section 3 of the Gift-tax Act operating as a charging provision subject to the exemption scheme in section 5. The situs of the gifted property was not decisive; the taxable event was the gift itself. A resident within the territorial reach of the Act remained liable, and the fact that the gift corpus was placed in Jammu and Kashmir did not exclude tax where the exemption for movable property outside the extending territories was inapplicable. On these principles, the gift was held liable to gift-tax in the hands of the assessee. en-us Tue, 20 Mar 1984 00:00:00 +0530 Mon, 15 Feb 2010 16:40:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27724 Gift-tax liability arose on a transfer of title by gift, with section 3 of the Gift-tax Act operating as a charging provision subject to the exemption scheme in section 5. The situs of the gifted property was not decisive; the taxable event was the gift itself. A resident within the territorial reach of the Act remained liable, and the fact that the gift corpus was placed in Jammu and Kashmir did not exclude tax where the exemption for movable property outside the extending territories was inapplicable. On these principles, the gift was held liable to gift-tax in the hands of the assessee. Case-Laws Income Tax Tue, 20 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27724