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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] 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.....
View Complete Act 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 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.....
View Complete Act List Judgments citing this sectionGift-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
1[16B. Interest for defaults in furnishing return of gifts (1) Where a return of gifts for any assessment year under sub-section (I) of section 13 or section 14, or in response to a notice under clause (i) of sub-section (4) of section 15, is furnished after the 30th day of June of such year, or is not furnished, the assessee shall be liable to pay simple interest at the rate of two percent, for every month or part of a month comprised in the period commencing on the 1st day of July of the assessment year, and,-- (a) where the return is furnished after the 30th day of June ending on the date of furnishing of the return; or (b) where no return has been furnished, ending on the date of completion of the assessment under sub-section (5) of section 15, on the amount of tax payable on the taxable gifts as determined2[under sub-section (1) of section 15 or] on regular assessment. 3[Explanation I.-In this sub-section, "tax payable on the taxable gifts as determined under sub-section (1) of section 15" shall not include the additional gift-tax, if any payable under section 15.] Explanation 2.-- Where in relation to an assessment year the assessment is made for the first time.....
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 4
Title: Gifts to Include Certain Transfers
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.....
View Complete Act List Judgments citing this sectionGift-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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