Gift-Tax Act, 1958
Section - 4 - Gifts to include certain transfers
Gifts to include certain transfers.424. 43[(1)] For the purposes of this Act,-
| (a) | - | where property is transferred otherwise than for adequate consideration, the amount by which the 44[value of the property as on the date of the transfer and determined in the manner laid down in Schedule II,] exceeds the value of the consideration shall be deemed to be a gift made by the transferor : |
| - | 45[Provided that nothing contained in this clause shall apply in any case where the property is transferred to the Government or where the value of the consideration for the transfer is determined or approved by the Central Government or the Reserve Bank of India;] | |
| (b) | - | where property is transferred for a consideration which, having regard to the circumstances of the case, has not passed or is not intended to pass either in full or in part from the transferee to the transferor, the amount of the consideration which has not passed or is not intended to pass shall be deemed to be a gift made by the transferor; |
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