Sunday, November 28, 2021

CHARGE OF GIFT-TAX AND GIFTS SUBJECT TO SUCH CHARGE

CHAPTER II

CHARGE OF GIFT-TAX AND GIFTS SUBJECT TO SUCH CHARGE

Charge of gift-tax.

3. [(1)] Subject to the other provisions contained in this Act, there shall be charged for every [assessment] year commencing on and from the 1st day of April, 1958, [but before the 1st day of April, 1987,] a tax (hereinafter referred to as gift-tax) in respect of the gifts, if any, made by a person during the previous year (other than gifts made before the 1st day of April, 1957), at the rate or rates specified in [Schedule I].

THE GIFT-TAX ACT, 1958

Definitions.

2. In this Act, unless the context otherwise requires,—

(i ) [***]

[( ii) "Appellate Tribunal" means the Appellate Tribunal constituted under section 252 of the Income-tax Act;

WEALTH-TAX ACT, 1957

[27 OF 1957]

[AS AMENDED BY THE FINANCE ACT, 2013]

An Act to provide for the levy of wealth-tax

BE it enacted by Parliament in the Eighth Year of the Republic of India as follows :—

CHAPTER I

PRELIMINARY

Short title, extent and commencement .

1. (1) This Act may be called the Wealth-tax Act, 1957.

(2) It extends to the whole of India.

(3) It shall be deemed to have come into force on the 1st day of April, 1957.

Sunday, November 7, 2021