https://www.taxtmi.com/caselaws?id=55331 A bona fide family settlement resolving competing claims over property was treated as outside the gift-tax deeming fiction under section 4(2) of the Gift-tax Act, 1958. The text explains that such an arrangement does not amount to a transfer or deemed gift where the family has conflicting claims and the settlement merely adjusts those claims. It also states that section 4(2) applies only when there is a conscious conversion of separate property into family property during the relevant year, and that no taxable deemed gift arose in assessment year 1995-96 on the facts discussed. en-us Fri, 28 Nov 2003 00:00:00 +0530 Thu, 25 Nov 2010 15:51:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55331 A bona fide family settlement resolving competing claims over property was treated as outside the gift-tax deeming fiction under section 4(2) of the Gift-tax Act, 1958. The text explains that such an arrangement does not amount to a transfer or deemed gift where the family has conflicting claims and the settlement merely adjusts those claims. It also states that section 4(2) applies only when there is a conscious conversion of separate property into family property during the relevant year, and that no taxable deemed gift arose in assessment year 1995-96 on the facts discussed. Case-Laws Income Tax Fri, 28 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55331