https://www.taxtmi.com/caselaws?id=38870 The transfer of a half share in a medical shop, including medicines and furniture, was treated as a gift of existing property under the Gift-tax Act, 1958 because the settlement deed passed the donor's proprietary interest in praesenti. Reservation of a life interest to enjoy profits did not make the transfer a gift of future property, and authorities on joint family property were inapplicable since the assets were not joint family property and the donor could dispose of them. The reference was answered against the assessee, and the gift was held taxable. en-us Tue, 03 Dec 1974 00:00:00 +0530 Sat, 10 Apr 2010 10:52:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38870 The transfer of a half share in a medical shop, including medicines and furniture, was treated as a gift of existing property under the Gift-tax Act, 1958 because the settlement deed passed the donor's proprietary interest in praesenti. Reservation of a life interest to enjoy profits did not make the transfer a gift of future property, and authorities on joint family property were inapplicable since the assets were not joint family property and the donor could dispose of them. The reference was answered against the assessee, and the gift was held taxable. Case-Laws Income Tax Tue, 03 Dec 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38870