https://www.taxtmi.com/caselaws?id=36905 A selective release of a life interest in favour of chosen remaindermen was treated as a taxable transfer under the Gift-tax Act, 1958. The life interest was transferable, but the deed did not amount to a general surrender for the benefit of the entire class of remaindermen or a mere acceleration of all vested remainders. Instead, it conferred an immediate beneficial interest on the named releasees, allowing them to enjoy the income from the specified lands during the life tenant's lifetime. On that basis, the transaction fell within the statutory definition of gift and was liable to tax. en-us Tue, 19 Jun 1979 00:00:00 +0530 Thu, 25 Mar 2010 12:38:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36905 A selective release of a life interest in favour of chosen remaindermen was treated as a taxable transfer under the Gift-tax Act, 1958. The life interest was transferable, but the deed did not amount to a general surrender for the benefit of the entire class of remaindermen or a mere acceleration of all vested remainders. Instead, it conferred an immediate beneficial interest on the named releasees, allowing them to enjoy the income from the specified lands during the life tenant's lifetime. On that basis, the transaction fell within the statutory definition of gift and was liable to tax. Case-Laws Income Tax Tue, 19 Jun 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36905