Gift-Tax Act, 1958

Section - 6A - Aggregation of gifts made during a certain period

Aggregation of gifts made during a certain period.

⁸⁸6A. [Omitted by the Finance Act, 1986, w.e.f. 1-4-1987. Section 6A was inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. Original section was introduced by the Finance Act, 1964, w.e.f. 1-4-1964 and was later omitted by the Finance Act, 1966, w.e.f. 1-4-1966.]

88. Prior to its omission section 6A stood as under :

"Notwithstanding anything contained in this Act, where an assessee has made taxable gifts during any previous year and has also made taxable gifts (not being gifts made at any time before the 1st day of June, 1973) during any one or more of the four previous years immediately preceding such previous year, the gift-tax payable by him for the assessment year relevant to such previous year (hereafter in this section referred to as the assessment year) shall be determined in the following manner, namely :-

(a)

the value of the taxable gifts made during any one or more of the four previous years immediately preceding such previous year shall be aggregated with the value of the taxable gifts made by the assessee during such previous year and gift-tax shall be calculated on the aggregate value at the rate or rates applicable .... To read the full section download the app from Google Play store