Transfer Taxes - Law Dictionary Search Results
Home Dictionary Name: transfer taxes Page: 2Gift, '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]...
Transfer of property
Transfer of property, includes a transfer of any interest in property and the creation of any charge upon property. [Provincial Insolvency Act, 1920 (5 of 1920), s. 2 (1) (f)]Section 5 defined 'transfer of property' as meaning 'an Act by which a living person conveys property, in present or in future to one or more other living persons, or to himself, or to himself and one or more other living persons', and 'to transfer property' is to perform such act, Dattatraya Shanker Mote v. Anand Chintaman Datar, (1974) 2 SCC 799 (809): (1975) 2 SCR 224.In its general sense, the expression 'transfer of property' connotes the passing of rights in the property from one person to another. In one case there may be a passing of the entire bundle of rights from the transferor to the transferee. In another case, the transfer may consist of one of the estates only out of all the estates comprising the totality of rights in the property. In a third case, there may be a reduction of the exclusive interest ...
generation-skipping transfer
generation-skipping transfer : a transfer of property or of an interest in property that is to a person of a generation more than one generation below that of the transferor and that can be characterized as a taxable termination, a taxable distribution, or a direct skip see also direct skip generation-skipping trust at trust, skip person, taxable distribution, taxable termination NOTE: A transfer from a grandparent to a grandchild qualifies as a generation-skipping transfer, as does a transfer of a life estate to a child with a remainder in the grandchild. Such transfers are subject to a generation-skipping transfer tax. ...
Speculative transaction
Speculative transaction, a transaction is not 'speculative' within the meaning of sub-s. (5) of s. 43, Income Tax Act, 1961 where there is a breach of the contract and on a dispute between the parties damages are awarded as compensation by an arbitration award. The definition of 'speculative transaction' in s. 43(5) has to be interpreted by importing the sense conveyed by the law relating to the contracts, Commissioner of Income Tax v. Shantilal Pvt. Ltd., AIR 1983 SC 952 (954): (1983) 3 SCC 561: (1983) 3 SCR 470. [Income Tax Act, 1961, s. 43(5)]Explanation 2 to s. 24(1) of the Income Tax Act defines a speculative transaction as 'a transaction in which a contract for purchase and sale of any commodity including stocks and shares is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips .......'. It is apparent that what is contemplated is a real or factual delivery or transfer, and not a notional delivery or transfer, Jute Invest...
Transfer of ownership
Transfer of ownership, 'transfer of ownership' is also a term of wide import and it comprises every mode by which ownership may be transferred from one person to another - The mode of transfer may vary from one kind of property to another; it would depend on the nature of the property to be transferred, Madan Mohan Pathak v. Union of India, AIR 1978 SC 803: (1978) 2 SCC 50: (1978) 3 SCR 334....
Negotiable instruments
Negotiable instruments, those the right of action upon which is, by exception from the common rule, freely assignable from one to another, such as bills of exchange and promissory notes. Any person acquiring a negotiable instrument for value and in good faith can enforce the contract contained in it against the person liable on it, although the person from whom he has obtained it had no title. See also CHOSE.Promissory notes were made negotiable by 3 & 4 Anne, c. 9. and 7 Anne, c. 25, and placed in all respects upon the same footing with inland bills of exchange. [s. 13(1), Negotiable Instrument Act]The (English) Bills of Exchange Act, 1882, contains the law as to negotiation of bills of exchange, promissory notes, and cheques. S. 31 declares that these instruments are negotiated when they are transferred from one person to another in such a manner as to constitute the transferee the holder of them, and s. 32 enumerates the conditions under which an indorsement may operate as a negotia...
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 ...
estate tax
estate tax : an excise in the form of a percentage of the taxable estate that is imposed on a property owner's right to transfer the property to others after his or her death called also succession tax see also unified transfer tax compare gift tax, inheritance tax ...
death tax
death tax : a tax assessed on the transfer of property (as an estate, inheritance, legacy, or succession) after the transferor's death compare estate tax, generation-skipping transfer tax, gift tax ...
direct skip
direct skip : a generation-skipping transfer of an interest in property to a skip person : a transfer that is to a person two or more generations below the person making the transfer or to a trust in which all interest is held by such persons and that is subject to generation-skipping transfer taxes compare taxable distribution, taxable termination ...
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