https://www.taxtmi.com/caselaws?id=39142 A transfer of property to trusts created for a settlor's minor daughters was held not to be for adequate consideration under section 4(1)(a)(iii) of the Wealth-tax Act, 1957. The trustees' undertaking to administer the trust was not consideration in law, because it was not a return given for the transfer. The settlor's duty to maintain and provide for his minor daughters, including marriage expenses, remained a personal obligation and was not discharged by a unilateral trust settlement; the minors could not supply consideration by any act or waiver, and the statutory reduction in maintenance under section 23(2)(d) of the Hindu Adoptions and Maintenance Act, 1956, was also not treated as consideration. The trust property was therefore included in the assessee's net wealth. en-us Fri, 14 Nov 1975 00:00:00 +0530 Tue, 13 Apr 2010 12:06:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39142 A transfer of property to trusts created for a settlor's minor daughters was held not to be for adequate consideration under section 4(1)(a)(iii) of the Wealth-tax Act, 1957. The trustees' undertaking to administer the trust was not consideration in law, because it was not a return given for the transfer. The settlor's duty to maintain and provide for his minor daughters, including marriage expenses, remained a personal obligation and was not discharged by a unilateral trust settlement; the minors could not supply consideration by any act or waiver, and the statutory reduction in maintenance under section 23(2)(d) of the Hindu Adoptions and Maintenance Act, 1956, was also not treated as consideration. The trust property was therefore included in the assessee's net wealth. Case-Laws Wealth-tax Fri, 14 Nov 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39142