https://www.taxtmi.com/caselaws?id=28486 A partner's retirement and relinquishment of partnership rights did not amount to a taxable gift under the Gift-tax Act, 1958. The charging provision applies only to a voluntary transfer of existing property without consideration, and the deeming rule in section 4(1)(c) applies to surrender of an existing debt, contract, actionable claim or interest in property. Future profits were not a subsisting proprietary right capable of transfer, and goodwill could not be isolated as a specific transferable share of a retiring partner. On that basis, the alleged surrender of future profits and goodwill was not exigible to gift-tax. en-us Wed, 22 Dec 1982 00:00:00 +0530 Tue, 23 Feb 2010 10:23:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28486 A partner's retirement and relinquishment of partnership rights did not amount to a taxable gift under the Gift-tax Act, 1958. The charging provision applies only to a voluntary transfer of existing property without consideration, and the deeming rule in section 4(1)(c) applies to surrender of an existing debt, contract, actionable claim or interest in property. Future profits were not a subsisting proprietary right capable of transfer, and goodwill could not be isolated as a specific transferable share of a retiring partner. On that basis, the alleged surrender of future profits and goodwill was not exigible to gift-tax. Case-Laws Income Tax Wed, 22 Dec 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28486