Bare Act Search Results

Estate Duty Act, 1953 Complete Act

State: Central

Year: 1953

.....in the Wealth-tax Act and the rules made thereunder. 4. Another amendment seeks to make a provision similar to that contained in Income-tax Act, 1961 and Wealth-tax Act, 1957, to secure that where the deceased was a member of a co-operative housing Society the value of one house or part thereof allotted or leased to him under a house-building scheme of the society would be treated as a house owned by the deceased, thus qualifying for the concessional treatment accorded to residential house property. 5. The other amendments proposed in the Bill are of a consequential nature. 6. The amendments are being made with retrospective effect from the 1st day of March, 1981 and accordingly the proposed concessions will also be available in relation to estate duty in the case of persons who have died after the 28th February, 1981. 7. The Bill seeks to achieve the above objects. -Gaz. of Ind., 13-7-82, Pt. II, S. 2,Ext" p. 8 (No. 28) Act 53 of 1984 This Bill seeks to amend the Estate Duty Act, 1953, mainly with a view to excluding agricultural lands from the levy of estate duty. 2. One of the amendments proposed accordingly seeks to provide that the Act shall cease to apply to the.....

Finance Act, 2008 Complete Act

State: Central

Year: 2008

.....the meaning given by Article 2 of Council Regulation (EC) No. 1407/2002 (state aid to coal industry). (3) The production of coal includes the extraction of it. Excluded activities: producing steel 20C In paragraph 16(ic) "steel" means any of the steel products listed in Annex 1 to the Guidelines on national regional aid (2006/C 54/08), published in the Official Journal on 4 March 2006." (6) The amendments made by this section have effect in relation to options granted on or after the day on which this Act is passed. SECTION 34: Tax credits for certain foreign distributions: (1) Schedule 12 contains provision about tax credits for certain foreign distributions. (2) The amendments made by that Schedule have effect for the tax year 2008-09 and subsequent tax years. SECTION 35: Small companies relief: associated companies: (1) Section 13 of ICTA (small companies' relief) is amended as follows. (2) In the second sentence of subsection (4) (meaning of "control" for purposes of definition of "associated company"), insert at the end "except that, in the application of subsection (6) of that section in relation to the company ("the taxpayer company") and another company.....

Hindu Gains of Learning Act, 1930 Complete Act

State: Central

Year: 1930

.....demoralising influence upon his character by inducing him to have recourse to dishonest subterfuges like benami transactions. Likewise, the present rule is not favourable to the growth of self-reliance among the dependent members of the family. In a rich family, it offers a premium to extravagance, idleness and perpetual discord. Its injustice is manifestly galling. Take, e.g., a case in which a father has three sons and incurs the same expenditure on their education. He sends them all to England to be educated for the 1.C.S. One is successful, the other two fail. Of the two who fail, one takes to trade, the other is unwilling to do any work and remains idle. The trader earns a large fortune, which the present law allows him to keep to himself, because his education in England was for the Civil Service and not for trade. But, out of the earnings of the Civilian, two shares are claimed, one by the trader and the other by the brother who has been idle. The trader keeps his own earnings and also takes a share of the Civilian's earnings. Take again a case in which three brothers are given by their father the same education for the same profession and at the same cost. Though they.....

Estate Duty Act, 1953 [Repealed] Section 9

Title: Gifts Within a Certain Period Before Death

State: Central

Year: 1953

(1) Property taken under the disposition made by the deceased purporting to operate as an immediate gift inter vivas whether by way of transfer, delivery, declaration of trust, settlement upon persons in succession, or otherwise, which shall not have been bona fide made two years or more before the death of the deceased shall be deemed to pass on the death: Provided that in the case of gifts made for public charitable purposes the period shall be six months. (2) The provisions of sub-section (1) shall not apply to gifts made in consideration of marriage or which are proved to the satisfaction of the Controller to have been part of the normal expenditure of the deceased, but not exceeding rupees five thousand in the aggregate.

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

.....be deemed to be a gift made by the transferor; (c) where there is a release, discharge, surrender, forfeiture or abandonment of any debt, contractor other actionable claim or of any interest in property 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.....

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

.....functions of a gift-tax authority under this Act in respect of any person within his jurisdiction, and for this purpose his jurisdiction under this Act shall be the same as he has under the Income-tax Act by virtue of orders or directions issued under section 120 of that Act (including orders or directions assigning concurrent jurisdiction) or under any other provision of that Act. Explanation.-For the purposes of this section, the gift-tax authority having jurisdiction in relation to a person who has no income assessable to income-tax under the Income-tax Act shall be the gift-tax authority having jurisdiction in respect of the area in which that person resides. 2[***] 3[***] 4[***] ____________________________ 1. Substituted by Act 4 of 1988, section 164 w.e.f. 1-4-1988. 2. Section 7A omitted by Act 4 of 1988, section 165 w.e.f. 1-4-1988. Earlier section 7A was Inserted by Act 53 of 1962, section 5 w.e.f. 1-4-1963 and was Substituted by Act 20 of 1967, section 35 (b) w.e.f. 1-4-1967 and again Substituted by Act 67 of 1984, sec. 78 w.e.f. 1-10-1984. 3. Section 7AA omitted by Act 4 of 1988, section 165 w.e.f. 1-4-1988. Earlier section 7AA was Inserted by Act 41.....

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.....

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

.....- Omitted Section12 - Omitted Section12A - Power of Chief Commissioner or Commissioner and of Deputy Commissioner to make enquiries under this Act Chapter IV Section13 - Return of gifts Section14 - Return after due date and amendment of return Section14A - Return by whom to be signed Section14B - Self-assessment Section15 - Assessment Section16 - Gift escaping assessment Section16A - Time-limit for completion of assessment and reassessment Section16B - Interest for defaults in furnishing return of gifts Section17 - Penalty for failure to furnish returns, to comply with notices and concealment of gifts, etc Section17A - Penalty for failure to answer questions, sign statements, furnish information, allow inspection, etc Section18 - Rebate on advance payments Section18A - Credit for stamp duty paid on instrument of gift Chapter V Section19 - Tax of deceased person payable by legal representative Section19A - Assessment of persons leaving India Section20 - Assessment after partition of a Hindu undivided family Section21 - Liability in case of discontinued firm or association of persons Section21A - Assessment of donee when donor connot be found Chapter VI.....

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

.....1965, Section 71 (i) w.e.f. 1-4-1965. 17. Substituted by Act 32 of 1971, Section 37 (c) 9ii), for "sub-section (6) of section 88 of the Income-tax Act" w.r.e.f. 1-4- 1968. 18. Clause (vi) omitted by Act 23 of 1986, Section 42 (a) w.e.f. 1-4-1987. 19. Substituted by Act 32 of 1994, Section 55, for "thirty thousand" w.e.f. 1-4-1995. Earlier the words "thirty thousand" were substituted by Act 38 of 1993, Section 41(a) (ii), for "ten thousand" w.e.f. 1-4-1994. 20. Clause (viii) and (ix) omitted by Act 23 of 1986, Section 42 (a) w.e.f. 1-4-1987. 21. Substituted by Act 4 of 1988, Section 161, for "Gift-tax Officer" w.e.f. 1-4-1988. 22. Clause (xiv) omitted by Act 23 of 1986, Section 42 (a) w.e.f. 1-4-1987. 23. Clause (xvi) omitted by Act 23 of 1986, Section 42 (a) w.e.f. 1-4-1987. Earlier clause (xvi) was omitted by Act 54 of 1972, Section 6 w.e.f. 1-4-1973 and was Inserted by Act 67 of 1984, Section 72 w.e.f. 1-4-1985. 24. Inserted by Act 15 of 1965, Section 21 (i) w.e.f. 1-4-1964. 25. The words "or clause (vi)" omitted by Act 23 of 1986, Section 42 (b) w.e.f. 1-4-1987. 26. Substituted by Act 38 of 1993, Section 41(b), for "twenty thousand" w.e.f. 1-4-1994. Earlier.....

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.