COMMISSIONER OF GIFT TAX Vs. K.R. KUMARAN

JUDGEMENT

(1.) AT the instance of the CGT, Ernakulam under s. 26(1) of the GT Act, 1958, answer to the following question is expected.

(2.) IT arises under the following circumstances. The assessee Shri K. R. Kumaran on 26th April, 1981 purchased a property in three names - his wife showing consideration of Rs. 30,000 his two minor sons showing consideration of Rs. 40,000 each. There is no dispute that the entire amount is assessees own money.

(3.) IT is his case that he gave a loan to each of his minor sons to purchase the property in their names.