https://www.taxtmi.com/caselaws?id=58650 Release of a life interest in trust property can fall within the statutory concept of a gift for income-tax purposes, so the deemed-cost rule under section 49(1)(ii) applies to the transferred interest. The Tribunal also noted that the cost of acquisition of the life interest, including the effect of later bonus and rights shares, must be recomputed on the correct legal basis. The assessment was therefore sustained on the substantive applicability of the gift-linked cost rule, but remitted for fresh computation of capital gains and cost of acquisition after proper verification and hearing. en-us Mon, 26 Feb 1996 00:00:00 +0530 Tue, 21 Dec 2010 13:26:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58650 Release of a life interest in trust property can fall within the statutory concept of a gift for income-tax purposes, so the deemed-cost rule under section 49(1)(ii) applies to the transferred interest. The Tribunal also noted that the cost of acquisition of the life interest, including the effect of later bonus and rights shares, must be recomputed on the correct legal basis. The assessment was therefore sustained on the substantive applicability of the gift-linked cost rule, but remitted for fresh computation of capital gains and cost of acquisition after proper verification and hearing. Case-Laws Income Tax Mon, 26 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58650