Section 42 - Amendment of section 5 - Finance Act, 1986

42. Amendment of section 5 In section 5 of the Gift-tax Act, with effect from the 1st day of April, 1987,- (a) in sub-section (1), clauses (iiia), (vi), (viii), (ix), (xiv) and (xvi) shall be omitted; (b) in sub-section (1A), the words, brackets and figures or clause (vi) shall be omitted; (c) in sub-section (2), for the words five thousand , the words twenty thousand shall be substituted; (d) sub-section (3) shall be omitted.