Section 90 - Amendment of section 2 - Finance Act, 1987

Gift-tax 90. Amendment of section 2 In section 2 of the Gift-tax Act, 1958 (18 of 1958) (hereinafter referred to as the Gift-tax Act), in clause (xii), the following Explanation shall be inserted at the end, with effect from the 1st day of April, 1988, namely: - Explanation : A transfer of any building or part thereof referred to in clause (iii), clause (iiia) or clause (iiib) of section 27 of the Income-tax Act by the person who is deemed under the said clause to be the owner thereof made voluntarily and without consideration in money or money s worth, shall be deemed to be a gift made by such person; .