https://www.taxtmi.com/caselaws?id=38491 Premiums paid by an assessee on his own life insurance policies were not treated as a gift for gift-tax purposes because the payments merely discharged his contractual obligation under the policies. Although the wife was the nominee and could receive benefits on death or maturity, there was no immediate transfer of property from the assessee to the nominee. As a gift requires such an immediate transfer, the premium payments fell outside the scope of gift-tax. en-us Fri, 07 Oct 1977 00:00:00 +0530 Tue, 06 Apr 2010 16:53:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38491 Premiums paid by an assessee on his own life insurance policies were not treated as a gift for gift-tax purposes because the payments merely discharged his contractual obligation under the policies. Although the wife was the nominee and could receive benefits on death or maturity, there was no immediate transfer of property from the assessee to the nominee. As a gift requires such an immediate transfer, the premium payments fell outside the scope of gift-tax. Case-Laws Income Tax Fri, 07 Oct 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38491