1986 (7) TMI 185

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..... enefit of the assessee's son Master Abraham Mammen who was 13 years at that time and the assessee's wife Mrs. Saramma Mammen has been appointed as trustee, under section 6 of the Married Women's Property Act. It is a 15 years anticipated endowment assurance policy with profit. 20 per cent is payable after 5 years and another 20 per cent after 10 years and the balance of 60 per cent after 15th year .....

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..... The insurance policy was taken under the Married Women's Property Act for the benefit of the assessee's son Master Abraham Mammen. The assessee's wife Smt. Saramma Mammen was appointed as the trustee. This is clear from the endorsement on the policy itself. A policy effected by a married person for the benefit of his wife and children falls within the scope of section 6 of the Married Women's Pro .....

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..... ract of insurance that a benefit was conferred on his wife and children. In our view once it is a trust and the assessee has no control on the policy. Hence, the question of making gift by the assessee does not arise. Whatever amount was received by the assessee under the policy was for the benefit of his son and the amount received has to be passed on to his son. The question of gift by the asses .....

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