Law:

Section:

If a transaction satisfies ingredients of 'gift' under the Gift- tax Act, 1958, question as to whether gift is valid under Mohammedan Law or not is of no consequence Section 2(xii) of the Gift-tax Act, 1958 - Gift - Assessment year 1996-97 - Whether if a transaction satisfies ingredients of 'gift' under Gift-tax Act, question as to whether gift is valid under Mohammedan Law or not is of no consequence - Held, yes - Assessee and his wife jointly executed a settlement deed settling their immovable properties in favour of their sons, daughters and grandson and claimed that there was no gift involved in transaction - Said settlement deed was described as Bhagapathram, i.e., partition deed, wherein it was stated, inter alia, that gift had been made by donor voluntarily without any consideration, that properties belonged to assessee and his wife and intention was to clearly set apart those properties to their successors with intention of future well-being and unity of each of successors and it was being done as per desire of assessee and his wife, that possession and enjoyment had been released by all in favour of owners of each scheduled property permanently and from that date onwards, each of those scheduled properties was to be held and enjoyed in an absolute manner, and that by execution of gift, donors had no right at all to sell properties - Whether a valid gift within meaning of Act had been given in instant case - Held, yes FACTS The assessee, 'R', and his wife, 'F' jointly executed a settlement deed settling their immovable properties in favour of their sons, daughters and grandson. The Assessing Officer having found that the properties settled in favour of the donees who were signatories to the Bhagapathram (parti- tion deed) were liable to gift-tax, issued notice under section 15(4) requiring the assessee to file the gift tax return. 'F', accordingly, filed the return of gift tax declaring taxable gift as nil. She stated, inter alia, that there was no gift involved in the transaction; that the transaction did not satisfy the conditions laid down for muslim gifts and that there was no declaration of gift which would fall under category of muslim gift. The…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492