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;
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