CHARGE OF GIFT-TAX AND GIFTS SUBJECT TO SUCH CHARGE

Section - 3, Gift-Tax Act, 1958

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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;

THE GIFT-TAX ACT, 1958

 THE GIFT-TAX ACT, 1958

[18 OF 1958]

[THE ACT HAS CEASED TO APPLY WITH EFFECT FROM GIFTS MADE ON OR AFTER 1-10-1998 (SEE SECTION 3(3)) ]

 

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 :—

CHAPTER I

PRELIMINARY

Short title, extent and commencement.

1.    (1) This Act may be called the Gift-tax Act, 1958.

(2) It extends to the whole of India except the State of Jammu and Kashmir.

(3) It shall be deemed to have come into force on the 1st day of April, 1958.