Gift-tax Officers should collect information. - Income Tax - 1272/CBDT

INSTRUCTION NO. 1272/CBDT Dated : August 3, 1979 The Comptroller Auditor General of India in the report for the year 1975-76 has made a recommendation as under: 'The introduction of a suitable procedure for collection of information from the State Govt. agencies in respect of other cases where the apparent consideration is not an adequate consideration and in respect of Gift-deeds, Settlement-deeds, Trust-deeds, and deeds where the transferors purport to distribute their individual properties, designating the deeds as instruments of partition appears necessary to provide for an effective counter check against evasion of Gift-tax." 2. It is necessary to collect information of the above mentioned categories of transactions under the garb of which it is possible to evade gift-tax. 3. Board, therefore, desire that the Gift-tax Officers should collect information in respect of cases where the apparent consideration is not an adequate consideration and in respect of Gift-deeds, Settlement-deeds, Trust-deeds and deeds where the transferors purport to distribute their individual properties, designating the deeds as instruments of partition from the registering officers and take necessary action under the Gift-tax Act, 1958.