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Start Free TrialGift-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.....
View Complete Act List Judgments citing this sectionGift-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.....
View Complete Act List Judgments citing this sectionGift-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.....
List Judgments citing this sectionGift-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.
View Complete Act List Judgments citing this sectionGift-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.
View Complete Act List Judgments citing this sectionGift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Section 7
Title: Gift-tax Authorities and their Jurisdiction
State: Central
Year: 1958
.....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 of 1975, section 108 w.e.f. 1-10-1975 and was Substituted by Act 29 of 1977, section 39 and Schedule 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.
View Complete Act List Judgments citing this sectionGift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Section 29
Title: Gift-tax by Whom Payable
State: Central
Year: 1958
1[29. Gift-tax by whom payable Subject to the provisions of this Act, gift-tax shall be payable by the donor but when in the opinion of the2[Assessing Officer] the tax cannot be recovered from the donor, it may be recovered from the donee: Provided that where the donees are more than one, they shall be jointly and severally liable for the amount of tax determined to be payable by the donor: Provided further that the amount of tax which may be recovered from each donee shall not exceed the value of the gift made to him as on the date of the gift.] _________________________ 1. Substituted by Act, 53 of 1962, section 23 w.e.f. 1-4-1963. 2. Substituted by Act 4 of 1988, section 161, for "Gift-tax Officer" w.e.f. 1-4-1988.
View Complete Act List Judgments citing this sectionGift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Section 8
Title: Control of Gift-tax Authorities
State: Central
Year: 1958
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.
View Complete Act List Judgments citing this sectionGift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Section 30
Title: Gift-tax to Be Charged on Property Gifted
State: Central
Year: 1958
Gift-tax payable in respect of any gift comprising immovable property shall be a first charge on that property but any such charge shall not affect the title of a bona fide purchaser for valuable consideration without notice of the charge.
View Complete Act List Judgments citing this sectionGift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Preamble 1
Title: Gift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998]
State: Central
Year: 1958
*THE GIFT-TAX ACT, 1958 [Act, No. 18 of 1958] [15th May, 1958] PREAMBLE An Act to provide for the levy of gift-tax BE it enacted by Parliament in the Ninth Year of the Republic of India as follows:-- _____________________ *. This Act cease to apply and have no effect on or after the 01.10.1998 by Finance (No. 2) Act, 1998
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