Law:

Section:

Section 5 of the Gift-tax Act, 1958 - Exemptions - Position prior to 1-4-1993 - Whether where trust was created for charitable purposes and initial gift of sum of money was made to constitute trust, initial gift was entitled to exemption from gift tax under section 5(1)(v) in same manner in which subsequent gifts to fund would be - Held, yes FACTS Tribunal following decision of Bombay High Court in CGT v. Yogendra N. Mafatlal [1965] 58 ITR 40 held that initial transfer of money to constitute charitable trust was exempt from gift-tax under section 5(1)( v). On reference : HELD The Tribunal followed the decision of the Bombay High Court in Commissioner of Gift-tax v. Yogendra N. Mafatlal [1965] 58 ITR 40(Bom.). The decision was to the effect that where a trust was created for charitable purposes, and an initial gift of a sum of money was made to constitute the trust, the initial gift was entitled to exemption in the same manner in which subsequent gifts to the fund would be. The Court was in entire agreement with the reasoning and conclusions of the Bombay High Court and did not think it necessary to…

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