https://www.taxtmi.com/caselaws?id=60137 An outright settlement deed that divests the transferor of the property for life is treated as a complete transfer for gift-tax purposes, and maintenance or residence clauses do not, by themselves, show retention of an interest in the whole property. A later rectification deed does not undo the original settlement, so the gift-tax liability attaches in the year of the original transfer rather than on a protective basis in a later year. Where the property is substantially let out and only part is self-occupied, the rental method is the proper basis for valuation, and an approved valuer's return may be accepted as fair and reasonable. en-us Thu, 05 Jan 1984 00:00:00 +0530 Mon, 03 Jan 2011 18:20:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60137 An outright settlement deed that divests the transferor of the property for life is treated as a complete transfer for gift-tax purposes, and maintenance or residence clauses do not, by themselves, show retention of an interest in the whole property. A later rectification deed does not undo the original settlement, so the gift-tax liability attaches in the year of the original transfer rather than on a protective basis in a later year. Where the property is substantially let out and only part is self-occupied, the rental method is the proper basis for valuation, and an approved valuer's return may be accepted as fair and reasonable. Case-Laws Income Tax Thu, 05 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60137