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1972 (7) TMI 15 - HC - Income TaxThe difference between the fair market value and the actual consideration can be treated as capital gains despite the fact that it has been assessed to gift-tax - Besides, the scheme of taxation to income-tax is different from that under the Gift-tax Act. It is the income that accrues or arises or is deemed to accrue or arise as a result of the transfer that is subject to assessment under the Income-tax Act. It is the transaction of the gift itself, i.e., the transaction used for transmission of title that is assessed under the Gift-tax Act. So understood, there is no question of double taxation
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