https://www.taxtmi.com/caselaws?id=61256 Privy purse amounts derived from the family's ruling arrangements, together with agricultural lands transferred on the facts and under the family custom, were treated as Hindu joint family property rather than the assessee's separate property. On that basis, the creation of trusts and transfer of assets for family members was characterised as a bona fide family arrangement by the karta for support and maintenance, not a transfer of individual property by way of gift. The transfers therefore did not fall within the Gift-tax Act, 1958, and gift-tax was not leviable on the impugned transactions. en-us Mon, 25 Oct 1982 00:00:00 +0530 Tue, 11 Jan 2011 14:46:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61256 Privy purse amounts derived from the family's ruling arrangements, together with agricultural lands transferred on the facts and under the family custom, were treated as Hindu joint family property rather than the assessee's separate property. On that basis, the creation of trusts and transfer of assets for family members was characterised as a bona fide family arrangement by the karta for support and maintenance, not a transfer of individual property by way of gift. The transfers therefore did not fall within the Gift-tax Act, 1958, and gift-tax was not leviable on the impugned transactions. Case-Laws Income Tax Mon, 25 Oct 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61256