https://www.taxtmi.com/caselaws?id=59091 A life-interest in trust income was treated as non-transferable expectancy during the settlor's lifetime, and therefore not a property right capable of transfer under the Transfer of Property Act. After the assessee's wife died, the right to receive 12.5% of the trust income for his own lifetime was personal to him and, even if regarded as property, was an inherited right with no ascertainable original cost of acquisition. Because the asset said to be transferred was not identifiable as the same asset said to have been acquired, neither capital gains nor capital loss could be computed on the transfer. The addition of Rs. 24,500 as capital gains was deleted, and the claim for capital loss was rejected. en-us Mon, 13 Jun 1983 00:00:00 +0530 Thu, 23 Dec 2010 18:37:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59091 A life-interest in trust income was treated as non-transferable expectancy during the settlor's lifetime, and therefore not a property right capable of transfer under the Transfer of Property Act. After the assessee's wife died, the right to receive 12.5% of the trust income for his own lifetime was personal to him and, even if regarded as property, was an inherited right with no ascertainable original cost of acquisition. Because the asset said to be transferred was not identifiable as the same asset said to have been acquired, neither capital gains nor capital loss could be computed on the transfer. The addition of Rs. 24,500 as capital gains was deleted, and the claim for capital loss was rejected. Case-Laws Income Tax Mon, 13 Jun 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59091