Relief in respect of advance payment u/s 18 of Gift-tax Act, 1958. - Income Tax - 1039/CBDT

INSTRUCTION NO. 1039/CBDT Dated : February 21, 1977 Section(s) Referred: 18 ,18A Statute: Gift Tax Act, 1958 Section 18 of the Gift-tax Act, 1958 allows relief in respect of advance payment of gift-tax and section 18A provides for the credit for stamp duty paid on an instrument of gift. The relief under both the sections is subject to certain conditions. 2. The Board recently has occasion to examine the question whether the credit for stamp duty on an instrument of gift u/s 18A should be allowed before allowing the relief u/s 18 or vice versa. The Board are advised that the credit for stamp duty u/s 18A is to be given before the operation of section 18.