Applicability of section 4(1)(a) of the Gift Tax Act, 1958.

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....ue to certain constraints. Section 4(1)(a) inter alia provides that- 'Where property is transferred otherwise than for adequate consideration, the amount by which the market value of the property at the date of the transfer exceeds the value of the consideration shall be deemed to be a gift made by the transferor'. It would be seen from the above provision that before determining the value of th....