“gift”

The Gift-tax Act, 1958 · s. 2

(xii) "gift" means the transfer by one person to another of any existing movable or immovable property made voluntarily and without consideration in money or money's worth, and[9] [includes the transfer or conversion of any property referred to in section 4, deemed to be a gift under that section]. 10[ Explanation. —A transfer of any building or part thereof referred to in clause (iii), clause (iiia) or clause (iiib) of section 27 of the Income-tax Act by the person who is deemed under the said clause to be the owner thereof made voluntarily and without consideration in money or money's worth, shall be deemed to be a gift made by such person;] 11* * * * *