Section - 18A - Credit for stamp duty paid on instrument of gift
79[Credit for stamp duty paid on instrument of gift.8018A. Where any stamp duty has been paid under any law relating to stamp duty in force in any State on an instrument of gift of property, the assessee shall be entitled to a deduction from the gift-tax payable by him of an amount equal to the stamp duty so paid or one-half of the gift-tax payable, before making the deduction under this section, whichever is less.]
79. Substituted by the Finance Act, 1982, w.e.f. 1-4-1983.Original section, which was inserted by the Finance Act, 1965, w.e.f. 1-4-1965 read as under:
-
"18A. Where any stamp duty has been paid under any law relating to stamp duty in force in any State on an instrument of gift or property in respect of which the gift-tax payable exceeds one thousand rupees, the assessee shall be entitled to a deduction from the gift-tax payable by him of an amount equal to the stamp duty so paid or one-half of the sum by which the gift-tax payable, before making the deduction under this section, exceeds one thousand rupees, whichever is less."
80. See also Circular No. 358, dated 30-4-1983.
.... To read the full section download the app from Google Play store
CAclubindia
