Section 42 - Amendment of Act 18 of 1958 - Finance (No. 2) Act, 1980

Gift-tax 42. Amendment of Act 18 of 1958 In the Gift-tax Act, 1958, - (a) in section 2, in sub-clause (c) of clause (xxiv), after the words power of appointment , the brackets and words (whether general, special or subject to any restrictions as to the persons in whose favour the appointment may be made) shall be inserted; (b) in section 4, in sub-section (1), after clause (d), the following clause shall be inserted, namely :- (e) where a person who has an interest in property as a tenant for a term or for life or a remainder man surrenders or relinquishes his interest in the property or otherwise allows his interest to be terminated without consideration or for a consideration which is not adequate, the value of the interest so surrendered, relinquished or allowed to be terminated or, as the case may be, the amount by which such value exceeds the consideration received, shall be deemed to be a gift made by such person. .