Substitute Gift - Law Dictionary Search Results
Home Dictionary Name: substitute giftsubstitute gift
substitute gift : substitutional gift at gift ...
substitutional gift
substitutional gift see gift ...
gift
gift 1 : an intentional and gratuitous transfer of real or personal property by a donor with legal capacity who actually or constructively delivers the property to the donee with the intent of giving up dominion over the property and investing it in the donee who accepts it ;broadly : a voluntary transfer of property without compensation see also delivery compare donation, sale class gift : a usually testamentary gift of a sum to a group of unspecified persons whose number and identity and share of the gift will be determined sometime in the future (as at the death of the donor) com·plet·ed gift : a gift in which the dominion and control of the property is placed beyond the donor's reach gift cau·sa mor·tis [-kȯ-zə-mȯr-tis, -ka-sÄ -mȯr-tēs] pl: gifts causa mortis : a gift of esp. personal property made in contemplation of impending death that is delivered with the intent that the gift take effect only in the event of the donor's...
vulgar substitution
vulgar substitution [French substitution vulgaire, from Latin substitutio vulgaris, literally, ordinary substitution, as distinguished from substitutio pupillaris substitution of an heir in place of a minor who actually receives the testamentary gift but dies before reaching the age of majority] in the civil law of Louisiana : a testamentary disposition in which the person making the will names another person to take the gift in the event that the instituted heir does not accept it or is already deceased ...
Gift
Gift. The old text-writers made a gift (donatio) a distinct species of deed, and describe it as a conveyance applicable to the creation of an estate-tail; while a feoffment they strictly confine to the creation of a fee simple estate. The operative verb was 'give,' which no longer implies any covenant in law (Real Property Act, 1845 (8 & 9 Vict. c. 106), s. 4), replaced by the Law of Property Act, 1925, s. 59(2), and the deed required livery of seisin. It is obsolete. See Jac. Law Dict.A gift is now understood to mean a mere voluntary assurance or transfer of property without any consideration being given for it. Such a transaction is apt to be very jealously scrutinized in a Court of Equity, and will be set aside on proof of undue influence (see that title), or of a fiduciary relationship of the donee to the donor, see Huguenin v. Baseley, (1806-8) 14 Ves 273; W. & T. L.C.; Morley v. Loughman, (1893) 1 Ch 736 (757); Lyon v. Home, (1868) LR 6 Eq 655. In the absence of any such objectio...
Gift-tax
Gift-tax, gift tax is to place the tax on the gift of property which may include land and buildings. It is not a tax imposed directly upon lands and buildings but is a tax upon the value of the total gifts made in a year which is above the exempted limit. There is no tax upon lands or buildings as units of taxation. Indeed the lands and buildings are valued to find out the total amount of the gift and what is taxed is the gift. The value of the lands and buildings is only the measure of the value of the gift. A gift-tax is thus not a tax on lands and buildings as such which is a tax resting upon general ownership of lands and buildings but is a levy upon a particular use, which is transmission of title by gift, Second Gift Tax Officer v. D.H. Hazareth, (1970) 1 SCC 749: AIR 1970 SC 999 (1002). (Gift Tax Act, 1958)...
Substitution
Substitution, indicate that the process cannot be split up into two pieces like this. If the process described as substitution fails, it is totally in-effective so as to leave intact what was sought to be displaced, State of Maharashtra v. C.P. Manganese Ore Co., AIR 1977 SC 879: (1977) 1 SCC 643.Substitution. In the Civil Law a conditional appointment of a h'res. See Cum. C.L. 143; Sand Just.In Scots law the enumeration or designation of the heirs in a settlement of property. Substitutes in an entail are those heirs who are appointed in succession on failure of others.The word substitution necessarily or always connotes two severable steps, that is to say, one of repeal and another of fresh enactment. Indeed, the natural meaning of the word 'substitution' is to indicate that the process cannot be split up into two pieces like this. If the process described as substitution fails, it is totally ineffective so as to leave intact what was sought to be displaced. That seems to be the ordin...
gift tax
gift tax : an excise tax imposed on a donor for gifts of property made during the donor's lifetime see also annual exclusion, gift split gift at gift, unified transfer tax compare death tax, estate tax, generation-skipping transfer tax ...
Gift, 'transfer of property
Gift, 'transfer of property', the definition of 'gift' makes it clear that there has to be a transfer by one person to another of movable or immovable property; such transfer has to be voluntary and without consideration in money or money's worth. What is, therefore, absolutely essential for the purposes of a gift is a transfer of property. 'Transfer of property' is defined for the purposes of the Gift-tax Act as any disposition or conveyance, or assignment or settlement or delivery or payment or other alienation of property, C.G.T. v. T.M. Louiz, (2000) 7 SCC 486: AIR 2000 SC 3136 (3138). [Gift-tax Act, 1958, ss. 2(xii) & (xxiv), 3 and 4]...
substitution
substitution : the substituting of one person or thing for another: as a in the civil law of Louisiana : a disposition not in trust by which a donee, heir, or legatee is charged to hold property transferred and return it to a third person compare fidei commissum, vulgar substitution NOTE: Substitutions are prohibited. b : replacement of a party to an action with a successor or representative upon motion to the court when the party is unable to continue litigating (as because of death, incompetency, transfer of interest, or loss of the office for which the party was suing or being sued in an official capacity) c : the replacement of a new agreement or obligation for an old one see also novation sub·sti·tu·tion·al [-shə-nəl] n sub·sti·tu·tion·ary [-shə-nər-ē] adj ...
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