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Clarification in respect of valuation of gifts of shares/debentures on or after 1-4-1992 under the Gift-tax Act, 1958, in view of the omission of Part C of Schedule III to the Wealth-tax Act, 1957

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..... ission of Part C of Schedule III to the Wealth-tax Act, 1957 Circular No. 635 Dated 20/8/1992 Under the Gift-tax Act, 1958, the value of any property, other than cash, transferred by way of gift, shall be its value as determined in the manner laid down in Schedule II to the Gift-tax Act, where it had been stated that the value shall be determined in accordance with the provisions of Sch .....

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..... aken to be on the statute even after 1-4-1993. For the purpose of the Gift-tax Act, the value of shares in or debentures of companies shall continue to be determined as per rules in Part C of Schedule III to the Wealth-tax Act. (Sd.) Hemant Sarangi, Under Secretary (OT), Central Board of Direct Taxes. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management .....

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