Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Gift
n. 1. The act of voluntarily transferring property to another without compensation. 2. A thing so transferred. - gift, ub. absolute gift. See inter uiuos gift.
Gifts to Minors Act.
See UNIFORM TRANSFERS TO MINORS ACT.
Uniform Gifts to Minors Act
See UNIFORM TRANSFERS TO MINORS ACT.
anatomical gift
A testamentary donation of a bodily organ or organs, esp. for transplant or for medical research. antenuptial gift. See prenuptial gift.
annual gift-tax exclusion
see annual exclusion under exclusion.
antenuptial gift
see prenuptial gift under gift.
class gift
A gift to a group of persons, uncertain in number at the time of the gift but to be ascertained at a future time, who are all to take in definite proportions, the share of each being dependent on the ultimate number in the group.
class gift.
See GIFT,
completed gift
A gift that is no longer in the donor's possession and control. 0 Only a completed gift is taxable under the gift tax.
deed of gift
A deed executed and delivered without consideration. - Also termed gratuitous deed.
foregift. Hist
A premium paid for a lease in addition to rent; forehand rent. See FOREHAND RENT (1).
gift causa mortis
A gift made in contemplation of the donor's imminent death. ( The three essentials are that (1) the gift must be made with a view to the donor's present illness or peril, (2) the donor must actually die from that illness or peril, without ever recovering, and (3) there must be a delivery. Even though causa mortis is the more usual word order in modern law, the correct Latin phrasing is mortis causa -hence gift mortis causa. - Also termed donatio causa mortis; donatio mortis causa; gift in contemplation of death; transfer in contemplation of death. "A gift causa mortis' ... is testamentary, and it is similar to testamentary disposition in the respect that there remains with the donor the power to revoke the gift until his death. In some respects, a gift causa mortis may be said to resemble a contract, for mutual consent and the concurrent will of both parties are necessary to the validity of the transfer." 38A C.J.S. Gifts § 85, at 276-77 (1996)
gift deed
A deed given for a nominal sum or for love and affection.
gift enterprise
1. A scheme for the distribution of items by chance among those who have purchased shares in the scheme. 2. A merchant's scheme to induce sales for market value by giving buyers tickets that carry a chance to win a prize. 0 Gift enterprises are regulated by state law. See LOTTERY.
gift in contemplation of death
See gift causa mortis under GIFT. gift inter vivos. See inter vivos gift under GIFT. gift in trust. See GIFT, gift over. See GIFT, gift splitting. See split gift under GIFT gift-splitting election. See split gift under GIFT.
gift in trust
A gift of legal title to property that is to be used to benefit the cestui que trust (i.e., the beneficiary).
gift inter vivos
See inter vivos gift.
gift over
A property gift (esp. by will) that takes effect after the expiration of a preceding estate in the property (such as a life estate or fee simple determinable) <to Sarah for life, with gift over to Don in fee>.
gift splitting.
See split gift.
gift tag.
See TAX
gift tax
A tax imposed when property is voluntarily and gratuitously transferred. Under federal law, the gift tax is imposed on the donor, but some states tax the donee. graduated tax See progressive tax.
gratuitous gift
A gift made without consideration, as most gifts are. 9 Strictly speaking, the term looks redundant, but it answers to the donum gratuitum of Roman law.
gratuitous gift.
See GIFT
inter vivos gift
A gift made during the donor's lifetime and delivered with the intention of irrevocably surrendering control over the property. -Also termed gift inter vivos; lifetime gift; absolute gift.
inter vivos gift.
See GIFT.
lifetime gift
See inter uiuos gift under GIFT.
manual gift
See GIFT.
manual gift.
Civil law. A gift of movable, tangible property, made by delivery without any formalities.
onerous gift
A gift made subject to certain conditions imposed on the recipient.
onerous gift.
See GIFT.
prenuptial gift
A gift of property from one spouse to another before marriage. ( In community-property states, prenuptial gifts are often made to preserve the property's classification as separate property. - Also termed antenuptial gift.
split gift
See GIFT.
split gift.
Tax. A gift that is made by one spouse to a third person and that, for gift-tax purposes, both spouses treat as being made one-half by each spouse; a gift in which the spouses combine their annual gift-tax exclusions. ( A split gift, for example, is eligible for two annual exclusions of $10,000 each, or a total of $20,000 for one gift. See annual exclusion under EXCLUSION (1). - Also termed gift splitting; gift-splitting election.
substitute gift
See GIFT.
substitute gift.
A testamentary gift to one person in place of another who is unable to take under the will for some reason. - Also termed substitutional gift.
substitutional gift
See substitute gift under GIFT.
taxable gift
See GIFT,
taxable gift.
A gift that, after adjusting for the annual exclusion and applicable deductions, is subject to the federal unified transfer tax. IRC (26 USCA) § 2503.
testamentary gift
A gift made in a will.
unified estate-and-gift tax
See transfer tax under TAX.
unified estate-and-gift tax credit
See unified credit under TAX CREDIT.
vested gift
See GIFT.
vested gift.
An absolute gift, being neither conditional nor contingent, though its use or enjoyment might not occur until sometime in the future. gift deed. See DEED.