Section Text
In the Gift-tax Act, 1958, -
(a) in sub-section (2) of section 5, for the words "ten thousand", the words "five thousand" shall be substituted with effect from the 1st day of April, 1971;
(b) section 11A shall be re-numbered as section 11AA, and before the section as so re-numbered, the following section shall be inserted, namely :-
"11A. Commissioner competent to perform any function or functions. - In respect of any function to be performed by a Commissioner under any provision of this Act, in relation to an assessee, the Commissioner referred to therein shall, -
(a) in a case where only one Commissioner has jurisdiction over such assessee, be such Commissioner;
(b) in a case where two or more Commissioners have concurrent jurisdiction over such assessee, be the Commissioner empowered to perform such function by the Board.";
(c) for the Schedule, the following Schedule shall be substituted with effect from the 1st day of April, 1971, namely :-
"The Schedule
(See section 3)
Rates of Gift-Tax
| (1) where the total income does not exceed Rs. 20,000 | 5 per cent. of the value of such gifts; |
| (2) where the total income exceeds Rs. 20,000 but does not exceed Rs. 50,000 | Rs. 1,000 plus 10 per cent. of the amount by which the value of such gifts exceeds Rs. 20,000; |
| (3) where the value of all taxable gifts exceeds Rs. 50,000 but does not exceeds Rs. 50,000 but does not exceed Rs. 1,00,000 | Rs. 4,000 plus 15 per cent. of the amount by which the total income exceeds Rs. 50,000; |
| (4) where the total income exceeds Rs. 1,00,000 but does not exceed Rs. 20,00,00 | Rs. 11,500 plus 20 per cent. of the amount by which the total income exceeds Rs. 1,00,000; |
| (5) where the value of all taxable gifts exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 | Rs. 31,500 plus 25 per cent. the amount by which the total income exceeds Rs. 2,00,000; |
| (6) where the value of all taxable gifts exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 | Rs. 1,05,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 5,00,000; |
| (7) where the value of all taxable gifts exceeds Rs. 10,00,000 but does not exceed Rs. 15,00,000 | Rs. 2,55,500 okys 40 per cent. of the amount by which the value of such gifts exceeds Rs. 10,00,000 |
| (8) where the value of all taxable gifts exceeds Rs. 15,00,000 but does not exceed Rs. 20,00,000 | Rs. 4,55,500 plus 50 per cent. of the amount by which the value of such gifts exceeds Rs. 15,00,000; |
| (1) where the total income does not exceed Rs. 5,000 | 5 per cent. of the total income; |
| (2) where the total income exceeds Rs. 5,000 but does not exceed Rs. 10,000 | Rs. 250 plus 10 per cent. of the amount by which the total income exceeds Rs. 5,000; |
| (3) where the total income exceeds Rs. 10,000 but does not exceed Rs. 15,000 | Rs. 750 plus 15 per cent. of the amount by which the total income exceeds Rs. 10,000; |
| (4) where the total income exceeds Rs. 15,000 but does not exceed Rs. 200,00 | Rs. 1,500 plus 20 per cent. of the amount by which the total income exceeds Rs. 15,000; |
| (5) where the total income exceeds Rs. 20,000 but does not exceed of Rs. 25,000 | Rs. 2,500 plus 30 per cent. the amount by which the total income exceeds Rs. 20,000; |
| (6) where the total income exceeds Rs. 25,000 but does not exceed Rs. 30,000 | Rs. 4,000 plus 40 per cent. of the amount by which the total income exceeds Rs. 25,000; |
| (9) where the value of all taxable gifts exceeds Rs. 20,00,000 | Rs. 7,05,500 plus 75 per cent. of the amount by which the value of such gifts exceeds Rs. 20,00,000-" |