Gift-Tax Act, 1958

⁵[SCHEDULE II]

[See section 6(1)]

RULES FOR DETERMINING THE VALUE OF PROPERTY GIFTED⁶

Value of gifted property, how to be determined.

⁷[1. Subject to the provisions of rules 2 to 7, the value of any property], other than cash, transferred by way of gift shall, for the purposes of this Act, be determined in accordance with the provisions of Schedule III to ⁸[the Wealth-tax Act, 1957 (27 of 1957) (hereinafter referred to as the Wealth-tax Act)], which shall apply subject to the following modifications, namely :-

In the said Schedule,-

(a)	-	references by whatever form of words to the Wealth-tax Act shall be construed as references to this Act ;
(b)	-	in rule 5, the reference to the year ending on the valuation date shall be construed as a reference to the previous year as defined in this Act;
(c)	-	save as provided in clause (b), references to the valuation date shall be construed as references to the date on which the gift was made;
Google Play store Latest Job Openings View all ARTICLESHIP 15 May 2026 ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT YOGESH KAPOOR AND ASSOCIATES New Delhi B.Com View Details 24 May 2026 Accounts & Tax Executive PARAS KHURANA AND CO New Delhi B.Com View Details ARTICLESHIP 14 May 2026 CA ARTICLE PRAVEEN GARG & CO Faridabad CA Foundation View Details 19 May 2026 Accountant ca kunjan Mumbai CA Inter View Details 07 May 2026 CA Assistant amit desai and co Mumbai CA Final View Details ARTICLESHIP 23 May 2026 Article Assistants Acupro Consulting Gurgaon CA Inter View Details 19 May 2026 Fundraising Expert MentorsWorld Ventures Private Limited Ahmedabad Others View Details ARTICLESHIP 30 April 2026 Article Assistant J SINGH & ASSOCIATES Ahmedabad CA Inter View Details Share  Facebook  Twitter  Linkedin  Reddit  Email  Whatsapp  Gmail  Pocket  Print  Pinterest  PDF  Translate Whatsapp Groups GST Income Tax CA Final CA Inter CAclubindia Login at CAclubindia CAclubindia India's largest network for finance professionals User Name Password Remember Me Forgot Password ? Alternatively, you can log in using: Login with Google Don't have an account? Register Now click here to register