The paper deals with semantic content of elliptic sentences and its relation to semantic content of the corresponding non-elliptic sentences. On the basis of certain kinds of examples it is shown that syntactic theories of ellipsis have serious limits. It is also demonstrated that the so-called Property Theory, which is an example of a semantic theory of ellipsis, bears serious limitations. Another semantic theory, namely that of Minimal Indexicalism, is analyzed thereafter. Theoretical tools of the theory – in particular, its criteria of linguistic expressions identity and three layers of content – that are vital to its handling of ellipsis are discussed in some detail. Finally, a new theory of ellipsis based on Transparent Intensional Logic is proposed and argued for.