https://www.taxtmi.com/caselaws?id=28851 Section 10 of the Estate Duty Act applies only where gifted property is not bona fide assumed and retained by the donee to the donor's complete exclusion. The controlling inquiry is the real subject-matter of the gift, and any continued benefit to the donor matters only if it relates to the property actually transferred. Here, book-entry transfers were treated as unequivocal gifts. Interest earned on amounts left invested with the firm was attributable to the partnership arrangement, not to any retained right in the gifted sums. Likewise, deposits held free of interest until marriage formed part of the arrangement retained by the firm, not the gift itself. The amounts were therefore not includible in the donor's estate. en-us Mon, 19 Nov 1979 00:00:00 +0530 Mon, 08 Mar 2010 11:30:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28851 Section 10 of the Estate Duty Act applies only where gifted property is not bona fide assumed and retained by the donee to the donor's complete exclusion. The controlling inquiry is the real subject-matter of the gift, and any continued benefit to the donor matters only if it relates to the property actually transferred. Here, book-entry transfers were treated as unequivocal gifts. Interest earned on amounts left invested with the firm was attributable to the partnership arrangement, not to any retained right in the gifted sums. Likewise, deposits held free of interest until marriage formed part of the arrangement retained by the firm, not the gift itself. The amounts were therefore not includible in the donor's estate. Case-Laws Income Tax Mon, 19 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28851