https://www.taxtmi.com/caselaws?id=56978 A gift under the Gift-tax Act requires a completed transfer of existing property and acceptance by the donee; an intended gift that is never accepted and is later repudiated does not become chargeable to gift-tax. The text explains that, although the Act does not expressly restate acceptance, the concept of transfer under the Act and the general law of gifts indicate that completion is essential. On the stated facts, the donees were unaware of the credited amounts, later disclaimed them, and returned the money, so the gifts never matured into completed transfers. Accordingly, the revised nil returns were treated as correct and no taxable gift arose. en-us Thu, 04 Aug 1994 00:00:00 +0530 Tue, 07 Dec 2010 16:13:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56978 A gift under the Gift-tax Act requires a completed transfer of existing property and acceptance by the donee; an intended gift that is never accepted and is later repudiated does not become chargeable to gift-tax. The text explains that, although the Act does not expressly restate acceptance, the concept of transfer under the Act and the general law of gifts indicate that completion is essential. On the stated facts, the donees were unaware of the credited amounts, later disclaimed them, and returned the money, so the gifts never matured into completed transfers. Accordingly, the revised nil returns were treated as correct and no taxable gift arose. Case-Laws Income Tax Thu, 04 Aug 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56978