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Judgment Search Results Home > Cases Phrase: creation of trust transfer of property Page 1 of about 26,586 results (0.101 seconds)

Apr 12 1911 (PC)

Bai Mahakore Vs. Bai Mangla

Court : Mumbai

Reported in : (1911)13BOMLR564

..... sections 6, which requires that it should be read 'subject to the provisions of section 5.' i do not see the inconsistency. section 5, clause 2, requires transfer for a valid trust of moveable property where it is not created by a non-testamentary instrument of the kind mentioned in the first clause; and section 6 virtually declares that where a person is ..... in sections 6 are complied with.6. then it is said that, in that case, upon this construction of section. 6, a transfer is necessary for a valid trust of immoveable property except where the trust is created by a person of his own property and he is himself the trustee; but sections 5 requires. nothing of that kind in the case of such a ..... , i presume, to the draftsman of the sections, 'section 5 prescribes transfer as one of the two alternative modes for creating a trust of moveable property. but the word transfer, as defined in the transfer of property act (sections 5), excludes the conveyance or delivery of property by a man to himself. where a man creates a trust and constitutes himself its trustee, how-can there be a ..... the trustee and registered' or a transfer of the property to the trustee. in this case there was neither.4. section 5 of the trusts act must be read with . section 5 lays down what may be called the extrinsic conditions necessary to create a trust. in other words, it prescribes the mode of its creation. section 6 lays down the intrinsic conditions necessary for .....

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Mar 13 1986 (TRI)

Nandkishore Sakarlal Vs. Gift-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1986)16ITD147(Ahd.)

..... -tax rules, 1958 read with section 6 of the act, the value was determined.referring to section 2(xxiv)(a), it was questioned when was the creation of trust in modification, etc. there was no transfer of property. the supreme court held that clause (a) of sub-section (1) of section 4 required bilateral transaction- cgt v. n.s. getti chettiar [1971] 82 itr ..... further interest passed. thus, according to him, sub-clause (b) of section 2(xxiv) was applicable and not sub-clause (a) thereof. this means that there was no transfer of property by the creation of trust but by grant or creation of interest in property. now, this goes exactly contrary to the stand of the department. it was never the case of the department that the ..... by the commissioner (appeals) also, i find that stand taken by the revenue requires acceptance. power of appointment used is discretionary power, different from that power which, by its creation, brings about transfer of property. therefore, the power of revocation for appointment of class of beneficiaries, etc., was discretionary power envisaged in sub-clause (c) of section 2{xxiv).9. in the context ..... revenue so far. secondly there is a considerable difficulty in holding that transfer was based merely on the creation of interest in property and not on the basis of creation of trust. it would be impossible to deny the coming into existence of the trust although it may be revocable. the fact that the trust may be revocable does not mean that it did not exist. the .....

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Nov 21 1969 (HC)

P.L.N. Paramasivam Vs. P.K. Ramaswami Gounder and ors.

Court : Chennai

Reported in : (1970)1MLJ592

..... in the above supreme court decision made in the course of a discussion whether a transaction which was a family settlement amounted to a transfer or creation of trust in the property. it is clear from the supreme court decision that the transaction in question in that case is a family arrangement entered into by ..... land. how far the equitable rule that the burden of a covenant runs with the land is to be found in section 40 of the transfer of property act. restrictions as regards alienation and enjoyment in personal covenants can bind the parties or transferees with notice of the personal covenants. the decisions ..... son, without a corresponding obligation on the others to buy at that price, was an absolute restraint. thus the principle of section 10 of the transfer of property act has been invoked in construing the restraint on alienations even in deeds of partition.17. in arumugha chetty v. ranganathan chetty i.l.r.(1934 ..... . but, in our opinion it is not possible to contend that the parties could transgress the rule of perpetuity embodied in section 14 of the transfer of property act in effecting a partition. in pirojasha v. manibhai i.l.r.(1912) bom. 53, a division bench held that the mere fact that ..... restrictions in respect of the power of disposal and enjoyment placed on the sharers would be clearly hit by sections 10 to 12 of the transfer of property act. the learned advocates for the appellant and the sixth respondent urged that exhibit a-1 is either a deed of partition, or a .....

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Feb 01 1999 (TRI)

T. R. Ganapathy Chettiar Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1999)70ITD127(Mad.)

..... under s.32a(5).5. sec. 2(xii) of the gt act, 1958 defines "gift" including transfer or conversion of any property referred to in s. 4 which is deemed to be a gift.6. sec. 2(xxiv) defines "transfer of property" inclusive of the creation of a trust in property and any transaction entered into by any person with intent to diminish directly or indirectly the ..... value of his own property and to increase the value of the other person.7. in the circumstances and in view of ..... capital asset as stock-in-trade which is "sold or otherwise transferred". sec. 47 enumerates the cases of transfer which are not liable to capital gains of which the transfer of a capital asset under a gift or will or irremovable trust is one. thus, the exception shows the creation of a trust involves transfer of property which in this case is the entire business carried on by ..... . all the names of the beneficiaries and their beneficial interests in the trust property have been mentioned at para 4(b) of the indenture. according to the ao, the creation of the trust amounted to a transfer of the businesses hitherto carried on by shri ganapathy chettiar in favour of the trust. this act of transfer, in the opinion of the ao, called for withdrawal of investment .....

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Nov 09 1998 (TRI)

T.R. Ganapathy Chettiar Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1999)240ITR33(Mad.)

..... section 32a(5).5. section 2(xii) of the gift-tax act, 1958, defines "gift" including transfer or conversion of any property referred to in section 4 which is deemed to be a gift.6. section 2(xxiv) defines "transfer of property" inclusive of the creation of a trust in property and any transaction entered into by any person with intent to diminish directly or indirectly the ..... value of his own property and to increase the value of the other person.7. in the circumstances and in view of ..... asset as stock-in-trade which is 'sold or otherwise transferred'. section 47 enumerates the cases of transfer which are not liable to capital gains of which the transfer of a capital asset under a gift or will or an irrevocable trust is one.thus, the exception shows the creation of a trust involves transfer of property which in this case is the entire business carried on by ..... the names of the beneficiaries and their beneficial interests in the trust property have been mentioned at para.4(b) of the indenture. according to the assessing officer, the creation of the trust amounted to a transfer of the businesses hitherto carried on by shri ganapathy chettiar in favour of the trust. this act of transfer, in the opinion of the assessing officer called for withdrawal of .....

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Feb 11 1965 (HC)

Commissioner of Gift-tax, Bombay City I Vs. G.G. Morarji

Court : Mumbai

Reported in : (1965)67BOMLR406; [1965]58ITR505(Bom); 1965MhLJ645

..... , however, contends that may be the position under the trust act, but, by reason of the definition of 'transfer of property' contained in clause (xxiv), such is not the position under the gift-tax act. sub-clause (a) of clause (xxiv) provides that the creation of a trust is transfer of property. a transfer of property is complete when the trust is created. it is not open then the travel ..... the gift is only to the trustee, and not to the wife. the property that is transferred is the sum of rs. 1 lakh. that property is transferred to the trustee. creation of a life interest in the income of the trust fund in favour of the wife is not a transfer of any property to the wife. the gift does not, therefore, fall under the exemption clause ..... been defined in clause (xxii) a : ''property' includes any interest in property, movable or immovable.' clause (xxiv) defining 'transfer of property', inter alia, provide : '(xxiv) 'transfer of property' means any disposition, conveyance, assignment, settlement, delivery, payment or other alienation of property and, without limiting the generality of the foregoing, includes - (a) the creation of a trust in property; (b) the grant or creation of any lease, mortgage, charge, easement, licence, power .....

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Feb 23 1982 (FN)

Jewett Vs. Commissioner

Court : US Supreme Court

..... rep. no. 665, supra, at 40. [ footnote 13 ] petitioner does not contend that the creation of an irrevocable trust for the benefit of alternative contingent remaindermen is not a "transfer" when made; if the creation of such a trust is a "transfer" of property within the meaning of the statute, a "transfer" occurred in this case at margaret weyerhaeuser jewett's death. in short, the use of ..... the word "transfer" in treas.reg. 25.2511-1(c) is not indicative of special meaning. to the ..... contrary, congress has specifically indicated that the term "transfer," at least ..... recipient, and that no person can be forced to accept property. against his will. a transferor chooses the recipients of the transferred property; a disclaimant makes no such selection, for that selection has been made by the trustor. petitioner's disclaimers merely renounced any future right to receive corpus of the trust; they did not direct, or even purport to direct, .....

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Jul 15 1994 (HC)

Usha Devi W/O Satish Chandra Malhotra and ors. Vs. State of Madhya Pra ...

Court : Madhya Pradesh

Reported in : 1995(0)MPLJ113

..... of the trust and vesting the same in the trustees for the enjoyment of the beneficiaries so as to fulfil the object ..... as defined in section 2(h) of the act. the provisions of ceiling act cannot be made applicable to their properties. in support of his contention that on creation of a private trust the legal title is transferred from the author of the trust and vests in the trustees, reliance is placed on the following decisions reported in ranganathan v. periakaruppan, air 1957 sc ..... of the trust. assuming for the sake of the argument that the two private trusts result in transfer of the agricultural land from the ex-ruler ..... act, the creation of trust and transfer has no effect on the lands in possession of the petitioners as heirs of the ruler or as trustees.36. the learned counsel for the petitioners has read a few relevant provisions of the indian trusts act. placing reliance on the decisions (supra), it was urged that creation of a trust necessarily involves transfer of properties by the author .....

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Feb 28 2014 (HC)

Guru Bux Singh Vs. Khem Singh

Court : Rajasthan Jodhpur

..... singh, delivering of symbolic possession of the suit property on account of the same being in possession of the ..... :- 1. whether the plaintiff khem singh became landlord by virtue of purchase of the property in question by 5 registered sale deed (ex. 1&2) despite the fact that plaintiff has not proved the sale of the property or transfer of the title be creation of trust by original landlord leel kanwar in favour of raibahadur vijay singh ganpat singh j.mertia ..... maintain the suit on account of transfer by the trust to the plaintiff has therefore no basis. the above sale deeds (exhibits-1 and2) contain specific recitals regarding creation of the trust by a trust deed dated 18.03.1981, right of the trustees to transfer the suit property for the objects of the trust, possession of the suit property being that with defendant guru bux ..... rathore rian badi dharmarth trust from whom plaintiff is claiming that he purchased the property?. 2. whether the firs.appellate court committed serious illegality in appreciating the .....

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Mar 19 1974 (HC)

Commissioner of Gift-tax Vs. Maharaja Pateshwari Pd. Singh

Court : Allahabad

Reported in : [1975]98ITR480(All)

..... , contends that that may be the position under the trusts act, but, by reason of the definition of 'transfer of. property' contained in clause (xxiv), such is not the position under the gift-tax act. sub-clause (a) of clause (xxiv) provides that the creation of a trust is transfer of property. a transfer of property is complete when the trust is created. it is not open then to travel ..... been defined in clause (xxii) as :'' property ' includes any interest in property, movable or immovable.'9. clause (xxiv) denning ' transfer of property ', inter alia, provides:'(xxiv) 'transfer of property' means any disposition, conveyance, assignment, settlement, delivery, payment or other alienation of property and, without limiting the generality of the foregoing, includes- (a) the creation of a trust in property ; (b) the grant or creation of any lease, mortgage, charge, easement, licence ..... to sub- clause (b) of clause (xxiv) to see whether by making a trust an interest in the property has also been created by the author of the trust in favour of the beneficiaries. we see nothing .....

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