Section 41 - Amendment of section 3 - Finance Act, 1986

Gift-tax 41. Amendment of section 3 In the Gift-tax Act, 1958 (18 of 1958) (hereinafter referred to as the Gift-tax Act), with effect from the 1st day of April, 1987, section 3 shall be renumbered as sub-section (1) thereof, and - (a) in sub-section (1) as so renumbered, after the words, figures and letters the 1st day of April, 1958, , the words, figures and letters but before the 1st day of April, 1987, shall be inserted; (b) after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely :- (2) Subject to the other provisions contained in this Act, there shall be charged for every assessment year commencing on and from the 1st day of April, 1987, gift-tax in respect of the gifts, if any, made by a person during the previous year, at the rate of thirty per cent. on the value of all taxable gifts. .