Section 41 - Amendment of Act 18 of 1958 - Finance Act, 1966

41. Amendment of Act 18 of 1958 In the Gift-tax Act, 1958,- (a) in section 5,- (i) in sub-section (1), after clause (ii), the following clause shall be inserted, namely:- '(iia) being an individual who is not resident in India, to any person resident in India, of foreign currency or other foreign exchange [as defined, respectively, in clause (c) and clause (d) of section 2 of the Foreign Exchange Regulation Act, 1947] remitted from a country outside India in accordance with the provisions of the said Act, and any rules made thereunder, during the period commencing on the 26th day of October, 1965 and ending on the 28th day of February, 1966, or such later date as the Central Government may, by notification in the Official Gazette, specify in this behalf. Explanation.- For the purposes of this clause, the expression resident in India shall have the meaning assigned to it in the Income-tax Act;'; (ii) in sub-section (2), for the words five thousand , the words ten thousand shall be substituted; (b) section 6A shall be omitted; (c) for the Schedule, the following Schedule shall be substituted, namely:- THE SCHEDULE [See section 3] Rates of gift-tax (1) Where the value of all taxable gifts does not exceed Rs. 15,000 5 per cent. of the value of such gifts. (2) Where the value of all taxable gifts exceeds Rs. 15,000 but does not exceed Rs. 40,000 Rs. 750 plus 8 per cent. of the amount by which the value of such gifts exceeds Rs. 15,000. (3) Where the value of all taxable gifts exceeds Rs. 40,000 but does not exceed Rs. 90,000 Rs. 2,750 plus 10 per cent. of the amount by which the value of such gifts exceeds Rs. 40,000. (4) Where the value of all taxable gifts exceeds Rs. 90,000 but does not exceed Rs. 1,40,000 Rs. 7,750 plus 15 per cent. of the amount by which the value of such gifts exceeds Rs. 90,000. (5) Where the value of all taxable gifts exceeds Rs. 1,40,000 but does not exceed Rs. 1,90,000 Rs. 15,250 plus 17∙5 per cent. of the amount by which the value of such gifts exceeds Rs. 1,40,000. (6) Where the value of all taxable gifts exceeds Rs. 1,90,000 but does not exceed Rs. 3,40,000 Rs. 24,000 plus 20 per cent. of the amount by which the value of such gifts exceeds Rs. 1,90,000. (7) Where the value of all taxable gifts exceeds Rs. 3,40,000 but does not exceed Rs. 4,90,000 Rs. 54,000 plus 25 per cent. of the amount by which the value of such gifts exceeds Rs. 3,40,000. (8) Where the value of all taxable gifts exceeds Rs. 4,90,000 but does not exceed Rs. 9,90,000 Rs. 91,500 plus 30 per cent. of the amount by which the value of such gifts exceeds Rs. 4,90,000. (9) Where the value of all taxable gifts exceeds Rs. 9,90,000 but does not exceed Rs. 14,90,000 Rs. 2,41,500 plus 40 per cent. of the amount by which the value of such gifts exceeds Rs. 9,90,000. (10) Where the value of fill taxable gifts exceeds Rs. 14,90,000 Rs. 4,41,500 plus 50 per cent. of the amount by which the value of such gifts exceeds Rs. 14,90,000. .