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Gift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Chapter II

Title: Charge of Gift-tax and Gifts Subject to Such Charge

State: Central

Year: 1958

.....by any person, the value of the release, discharge, surrender, forfeiture or abandonment, to the extent to which it has not been found to the satisfaction of the4[Assessing Officer] to have been bona fide, shall be deemed to be a gift made by the person responsible for the release, discharge, surrender, forfeiture or abandonment; (d) where a person absolutely entitled to property causes or has caused the same to be vested in whatever manner in himself and any other person jointly without adequate consideration and such other person makes an appropriation from or out of the said property, the amount of the appropriation used for the benefit of the person making the appropriation or for the benefit of any other person shall be deemed to be a gift made in his favour by the person who causes or has caused the property to be so vested; 5[(e) where a person who has an interest in property as a tenant for a term or for life or a remainder man surrenders or relinquishes his interest in the property or otherwise allows his interest to be terminated without consideration or for a consideration which is not adequate, the value of the interest so surrendered, relinquished or allowed to.....

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Gift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Chapter III

Title: Gift-tax Authorities

State: Central

Year: 1958

.....V. Pt III w.e.f. 10-7-1978. 4. Section 7B omitted by Act 4 of 1988, section 165 w.e.f. 1-4-1988. Earlier section 7B was Substituted along with section 7A by Act 20 of 1967. section 35 (B) w.e.f. 1-4-1967. Section 8 - Control of gift-tax authorities 1 [8. Control of gift-tax authorities Section 118 of the Income-tax Act and any notification issued thereunder shall apply in relation to the gift-tax authorities as they apply in relation to the control of the corresponding income-tax authorities, except to the extent to which the Board may, by notification in the Official Gazette, otherwise direct in respect of any gift-tax authority.] 2 [***] _________________________ 1. Substituted by Act 4 of 1988, section 164 w.e.f. 1-4-1988. 2. Section 8A omitted by Act 4 of 1988, section 165 w.e.f. 1-4-1988. Earlier section 8A was Inserted by Act 29 of 1977, section 39 and Schedule V. Part II w.e.f. 10-7-1978. Section 9 - Instructions to subordinate authorities 1 [9. Instructions to subordinate authorities (1)The Board may, from time to time, issue such orders, instructions and directions to other gift-tax authorities as it may deem fit for the proper administration of.....

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Gift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Complete Act

Title: Gift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998]

State: Central

Year: 1958

..... Section41B - Disclosure of information respecting assessees Section41C - Return of gifts etc., not to be invalid on certain grounds Section42 - Bar of suits in civil court Section43 - Appearance before Gift-tax authorities by authorised representatives Section43A - Appearance by registered valuer in certain matters Section44 - Agreement for avoidance or relief of double taxation with respect to gift-tax Section44A - Rounding off of taxable gifts Section44B - Rounding off of tax, etc Section45 - Act not to apply in certain cases Section46 - Power to make rules Section46A - Power to make exemption, etc., in relation to certain Union territories Section47 - Power to remove difficulties ScheduleI - FIRST SCHEDULE ScheduleII - SECOND SCHEDULE

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Gift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Section 16

Title: Gift Escaping Assessment

State: Central

Year: 1958

.....13 or section 14 or in response to a notice issued under sub-section (4) of section 15 or this section or to disclose fully and truly all material facts necessary for his assessment for year: 4[Provided further that the Assessing Officer shall, before issuing any notice under this sub-section, record his reasons for doing so.] Explanation.--Production before the Assessing Officer of account books or other evidence from which material evidence could with due diligence have been discovered by the Assessing Officer will not necessarily amount to disclosure within the meaning of the foregoing proviso. (1A) No notice under sub-section(1)shall be issued for the relevant assessment year,-- (a) in a case where an assessment under sub-section (3) of section 15 or sub-section (1) of this section has been made for such assessment year,-- (i) if four years have elapsed from the end of the relevant assessment year, unless the case falls under sub-clause (ii) or sub-clause (iii); (ii) if four years, but not more than seven years, have elapsed from the end of the relevant assessment year, unless the value of taxable gifts chargeable to tax which have escaped assessment amounts to.....

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Gift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Chapter VII

Title: Payment and Recovery of Gift-tax

State: Central

Year: 1958

.....fine and interest under that Act3[and to the corresponding gift-tax authorities instead of to the income-tax authorities specified therein]. Explanation I.-Any reference to sub-section (2) or sub-section (6) of section 220 of the Income-tax Act in the said provisions of that Act or the rules made thereunder shall be construed as references to sub-sections (2) and (6) respectively of section 32 of this Act. 4[Explanation II.-The Chief Commissioner or Commissioner and the Tax Recovery Officer referred to in the Income-tax Act shall be deemed to be the corresponding gift-tax authorities for the purpose of recovery of gift-tax and sums imposed by way of penalty, fine and interest under this Act.] _____________________________ 1. Substituted by Act 53 of 1962, section 24 w.e.f. 1-4-1963. 2. Substituted by Act 16 of 1972, section 53, for "sections 221 to 227 w.e.f. 1-4-1972. 3. Substituted by Act 4 of 1988, section 179(a), for certain words w.e.f. 1-4-1989. 4. Substituted by Act 4 of 1988, section 179 (b) w.e.f. 1-4-1989.

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Gift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Section 5

Title: Exemption in Respect of Certain Gifts

State: Central

Year: 1958

.....under a will; (xi) in contemplation of death; (xii) for the education of his children, to the extent to which the gifts are proved to the satisfaction of the 21 [Assessing Officer] as being reasonable having regard to the circumstances of the case; (xiii) being an employer, to any employee by way of bonus, gratuity or pension or to the dependents of a deceased employee, to the extent to which the payment of such bonus, gratuity or pension is proved to the satisfaction of the 21 [Assessing Officer] as being reasonable having regard to the circumstances of the case and is made solely in recognition of the services rendered by the employee; 22 [***] (xv) to any person in charge of any such Bhoodan or Sampattidan movement as the Central Government may, by notification in the Official Gazette, specify; 23 [***] 24 [(IA) Any reference in clause (v) 25 [***] of sub-section (1) to charitable purpose in relation to a gift made on or after the 1st day of April, 1964, shall be construed as not including a purpose the whole or substantially the whole of which is of a religious nature.] (2) Without prejudice to the provisions contained in sub-section (1), gift-tax shall not.....

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Gift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Section 16B

Title: Interest for Defaults in Furnishing Return of Gifts

State: Central

Year: 1958

.....as determined6[under sub-section (1) of section 15 or] on the basis of the earlier assessment aforesaid. 7[***] (4) where, as a result of an order under section 22 or section 23 or section 24 or section 26 or section 28 or section 34, the amount of tax on which interest was payable under this section has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and,-- (i) in a case where the interest is increased, the Assessing Officer shall serve on the assessee a notice of demand in the prescribed form specifying the sum payable, and such notice of demand shall be deemed to be a notice under section 31 and the provisions of this Act shall apply accordingly, and (ii) in a case where the interest is reduced, the excess interest paid, if any, shall be refunded. (5) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1989 and subsequent assessment years.] _________________________ 1. Inserted by Act 4 of 1988, sec. 173 w.e.f. 1-4-1989. 2. Inserted by Act 3 of 1989, sec. 85 (a) (i) w.e.f. 1-4-1989. 3. Substituted by Act 3 of 1989, sec. 85.....

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Gift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Section 3

Title: Charge of Gift-tax

State: Central

Year: 1958

.....any, made by a person during the previous year, at the rate of thirty per cent, on the value of all taxable gifts.] 7[(3) Notwithstanding anything contained in sub-section (2), the provisions of this Act shall cease to apply and shall have no effect whatsoever in respect of any gift made on or after the 1st day of October, 1998.] ___________________________ 1. Section 3 re-numbered as sub-section (1) thereof by Act 23 of 1986, sec. 41 w.e.f. 1-4-1987. 2. Substituted by Act 53 of 1962, sec. 3, for "financial year" w.e.f. 1-4-1963. 3. Inserted by Act 23 of 1986, sec. 41 (a) w.e.f. 1-4-1987. 4. Substituted by Act 3 of 1989, sec. 79, for "Schedule" w.e.f. 1-4-1989. 5. Inserted by Act 23 of 1986, sec. 41 (b) w.e.f. 1-4-1987. 6. Substituted by Act 4 of 1988, sec. 163, for "Subject to the other provisions contained in this Act", w.e.f. 1-4-1989. 7. Insert by Finance (No. 2) Act, 1998 w.e.f. 01.10.1998.

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Gift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Section 4

Title: Gifts to Include Certain Transfers

State: Central

Year: 1958

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Gift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Section 17

Title: Penalty for Failure to Furnish Returns, to Comply with Notices and Concealment of Gifts, Etc

State: Central

Year: 1958

.....any proceedings under this Act, is satisfied that any person-- 6[***] (b) has7[***] failed to comply with a notice under sub-section (2) or sub-section (4) of section 15; or (c) has concealed the particulars of any gift or deliberately furnished inaccurate particulars thereof, he or ii may, by order in writing, direct that such person shall pay way of penalty-- 8[***] 9[(ii) in the cases referred to in clause (b), in addition to the amount of gift-tax payable by him, a sum which shall not be less than one thousand rupees but which may extend to twenty-five thousand rupees for each such failure;] (iii) in the cases referred to in clause (c), in addition to any gift-tax payable by him, a sum which shall not be less than twenty per cent, but which shall not exceed one and half times the amount of the tax, if any, which would have been avoided if the return made by such person had been accepted as correct: 10[Provided that in the cases referred to in clause (b), no penalty shall be imposable if the person proves that there was a reasonable cause for the failure referred to in that clause.] 11[Explanation.--Where any adjustment is made in the taxable gifts declared in.....

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