9911796707
TMI BlogAmendment of Act 18 of 1958X X X X Extracts X X X X X X X X Extracts X X X X ..... of the four previous years immediately preceding such previous year, the gift-tax payable by him for the relevant assessment year shall, subject to the provisions of sub-section (2), be determined in the following manner, namely:- (a) the value of the taxable gifts made to such a donee during any one or more of the four previous years immediately preceding the previous year relevant to an assessment year shall be aggregated with the value of the taxable gifts made by the assessee during the relevant previous year and gift-tax shall be calculated on the aggregate value at the rate or rates specified in the Schedule; (b) from the amount of gift-tax calculated under clause (a), there shall be deducted the aggregate of- (i) an amount which bear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be deemed always to have been, added, namely:- Provided that where as a result of an order under section 22, or section 23, or section 24, or section 25, or section 26, or section 28, or section 34, the amount on which interest was payable under this section had been reduced, the interest shall be reduced accordingly and the excess interest paid, if any, shall be refunded. ; (d) in section 34, in sub-section (5), for the word and figures section 33 , the word, figures and letter section 33A shall be, and shall be deemed always to have been, substituted; (e) section 41 shall be omitted; (f) for sections 41A and 41B, the following sections shall be substituted, namely:- 41A. Publication of information respecting assessees. (1) If the Ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cision in this behalf shall be final and shall not be called in question in any court of law. ; (g) in section 42, after the words lie against , the words the Government or shall be inserted; (h) for the Schedule, the following Schedule shall be substituted, namely:- THE SCHEDULE [See section 3] Rates of GIFT-TAX Rate of gift-tax (1) On the first Rs. 5,000 of the value of all taxable gifts . . 4% (2) On the next Rs. 15,000 of the value of all taxable gifts . . 8% (3) On the next Rs. 25,000 of the value of all taxable gifts . . 15% (4) On the next Rs. 1,00,000 of the value of all taxable gifts . . 25% (5) On the next Rs. 2,00,000 of the value of all taxable gifts . . 40% (6) On the balance of the value of all taxable gifts . . 50% . - stat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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