https://www.taxtmi.com/caselaws?id=39788 A unilateral settlement deed transferring self-acquired property to children without consideration in money or money's worth is treated as a gift, not a family arrangement, because a family arrangement requires a mutual agreement intended to preserve peace and avoid disputes. The article also states that exemption for a gift made for a child's education applies only when the assessee proves that specific purpose through the deed or other reliable evidence, and a general reference to children or dependants is insufficient. On that reasoning, the transfer was held exigible to gift-tax and the education-based exemption was denied. 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 deed transferring self-acquired property to children without consideration in money or money's worth is treated as a gift, not a family arrangement, because a family arrangement requires a mutual agreement intended to preserve peace and avoid disputes. The article also states that exemption for a gift made for a child's education applies only when the assessee proves that specific purpose through the deed or other reliable evidence, and a general reference to children or dependants is insufficient. On that reasoning, the transfer was held exigible to gift-tax and the education-based exemption was denied. Case-Laws Income Tax Thu, 21 Jan 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39788