Gift Tax
Gift Tax legal meaning, translation and judicial precedents.
Meaning & Judicial Interpretation: (اردو مفہوم اور قانونی تشریح)
Indian Gift Tax Act, 1958, S. 2(xii).
Modes of.
When valid?
Exemption-Computation of gift tax-To be made with reference to value of corpus-Properties gifted for education of children
Income derived from such property during period of education-Held, cannot be taken into consideration-Indian Gift Tax Act, 1958, Ss. 2(xii), 5(1) & 6.
-Gift of half share in property-Donor retaining life interest-Held, such gift in praesenti and not in futuro and liable to gift tax-Indian Gift Tax Act, 1958, S. 2(.vii), (xxii) & (xxiv)-"Gift", "property" and "transfer of property"-Definitions.
Daughters' contribution to capital made by transfer from assessee's account-Business assets of assessee including goodwill transferred to partnership-Whether goodwill can be treated separately for purposes c of gift tax-Exemption-Gift "in the course of" and "for the purpose" of assessee's business-Whether gift to daughters exempt.-[Commissioner of Gift Tax v. P. Gheevarghese, Travancore Timbers & Products (1968) 68 1 T R 132 varied and partly reversed.
Association of persons-Single gift deed by two persons of their separate properties-Whether donors can be assessed s an association of persons.
Whether deductible-Gift-tax Act, 1958, S. IS (3)-Gift-tux Rules, 1958, r. 10 (2).
"Gift Tax", Pakistan Law Portal, available at: https://paklawportal.com/words-terms-maxims/21059
Precedents & Case Laws citing "Gift Tax"
1980 P T D (Trio
N/A
Court: Income‑tax Appellate Tribunal1986 P T D (Trib
N/A
Court: Income‑tax Appellate Tribunal Pakistan1972 P T D 592
R. VALSALA AMMA Versus COMMISSIONER OF GIFT TAX, KERALA
Court: Kerala (India)1999 P T D 1227
K. P. GUPTA (H.U.F.) Versus COMMISSIONER OF INCOME-TAX/WEALTH TAX
Court: 233 I T R 4561985 P T D 350
COMMISSIONER OF WEALTH TAX, MADRAS Versus K.S.N. BHATTA
Court: Supreme Court of India1999 P T D 3790
Sint. P.R. SUNDARI ACHI Versus COMMISSIONER OF WEALTH TAX
Court: 237 I T R 464P L D 1991 Supreme Court 422
Major, General (Retd.) SHER ALI KHAN‑‑Appellant Versus COMMISSIONER OF INCOME‑TAX AND GIFT TAX‑‑Respondent
Court: ‑‑‑‑ Ss. 3, 2 & 6(3) ‑‑‑ Gift Tax Rules, 1963, R.9(3B)‑‑‑‑Notification No.SRO 292(1)/71, dated 29‑7‑1971 ‑‑‑ Charge of gift tax ‑‑‑ Scheme ‑‑‑ Value of land gifted on 28‑4‑1971 how to be determined‑‑‑"Assessment year", meaning ‑‑‑ Previous year in relation to any assessment year meant 12 months ending on 30th June immediately preceding the assessment year.‑‑Words and phrases.1986 P T D 233
COMMISSIONER OF INCOME‑TAX/GIFT‑ TAX Versus Mst. ZOHRA BAI TAYAB
Court: Karachi High Court1984 P T D (Trib
N/A
Court: Income-tax Appellate Tribunal Lahore1965 P T D 117
GIFT-TAX OFFICER, CALCUTTA AND ANOTHER Versus KASTUR CHAND JAIN
Court: Calcutta (India)