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2003 (4) TMI 68 - HC - Income TaxGift Tax Act, 1958 - deemed gift - There is a transfer of the membership by the appellant and his membership has been transferred at the consideration of Rs. 50,000. When a valuable right or any interest in the property, which has some value in terms of money, if that right has been transferred for the consideration less than its market value, that attracts the provisions of clause (a) of sub-section (1) of section 4 of the Gift-tax Act. 50 far as the market value is concerned, learned counsel for the appellant has not disputed the market value of the membership, which has been finally taken by the Tribunal. - no case is made out for admission of the appeal.
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