https://www.taxtmi.com/caselaws?id=39788 A unilateral settlement of self-acquired property in favour of children, made voluntarily out of love and affection without consideration, constitutes a taxable gift rather than a family arrangement. A family arrangement requires a mutual agreement among family members intended to prevent disputes and preserve harmony. Exemption for a gift claimed to be for a child's education requires proof that the gift was made for that specific purpose and was reasonable in the circumstances. In the absence of an express recital in the deed or reliable supporting evidence, a general reference to children and dependants does not establish entitlement to exemption. The transferred property was therefore exigible to gift-tax. en-us Thu, 21 Jan 1971 00:00:00 +0530 Tue, 20 Apr 2010 12:55:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39788 A unilateral settlement of self-acquired property in favour of children, made voluntarily out of love and affection without consideration, constitutes a taxable gift rather than a family arrangement. A family arrangement requires a mutual agreement among family members intended to prevent disputes and preserve harmony. Exemption for a gift claimed to be for a child's education requires proof that the gift was made for that specific purpose and was reasonable in the circumstances. In the absence of an express recital in the deed or reliable supporting evidence, a general reference to children and dependants does not establish entitlement to exemption. The transferred property was therefore exigible to gift-tax. Case-Laws Income Tax Thu, 21 Jan 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39788