Applicability of section 4(1)(a) of the Gift Tax Act, 1958.

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..... t the full market value due to certain constraints. Section 4(1)(a) inter alia provides that- 'Where property is transferred otherwise than for adequate consideration, the amount by which the market value of the property at the date of the transfer exceeds the value of the consideration shall be deemed to be a gift made by the transferor'. It would be seen from the above provision that before .....

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..... xpected on the facts and in the circumstances of the case. 3. However, it would be for the person claiming that it was not possible for him to obtain full market value for the transfer, to establish that fact to the satisfaction of the assessing authority. 4. These instructions may please be brought to the notice of all officers working in your charge. - Circular - Trade Notice - Public Noti .....

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