Gift-Tax Act, 1958

Schedule II - RULES FOR DETERMINING THE VALUE OF PROPERTY GIFTED6

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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