The Gift Tax Act, 1958

Posted on 16/12/2017 by ADMIN Leave a comment

The Gift Tax Act, 1958

CONTENTS
Sections	Particulars
1	Short title, extent and commencement
2	Definitions
3	Charge of Gift Tax
4	Gifts to include certain transfers
5	Exemption in respect of certain gifts
6	Value of gifts, how determined
6A	Omitted
7	Gift Tax authorities and their jurisdiction
7A	Omitted
7AA	Omitted
7B	Omitted
8	Control of Gift Tax authorities
8A	Omitted
9	Instructions of subordinate authorities
10	Jurisdiction of Assessing Officers and power to transfer cases
11	Omitted
11A	Omitted
11AA	Omitted
11B	Omitted
12	Omitted
12A	Power of Chief Commissioner or Commissioner and of Deputy Commissioner to make enquiries under this Act
13	Return of gifts
14	Return after due date and amendment of return
14A	Return by whom to be signed
14B	Self-assessment
15	Assessment
16	Gift escaping assessment
16A	Time-limit for completion of assessment and reassessment
16B	Interest for defaults in furnishing return of gifts
17	Penalty for failure to furnish returns, to comply with notices and concealment of gifts, etc.
17A	Penalty for failure to answer questions, sign statements, furnish information, allow inspection, etc.
18	Rebate on advance payments
18A	Credit for stamp duty paid on instrument of gift
19	Tax of deceased person payable by legal representative
19A	Assessment of persons leaving India
20	Assessment after partition of a Hindu undivided family
21	Liability in case of discontinued firm or association of persons
21A	Assessment of donee when donor cannot be found
22	Appeal to the Deputy Commissioner (Appeals) from orders of Assessing Officers
23	Appeal to the Appellate Tribunal
24	Powers of Commissioner to revise orders of subordinate authorities
25	Appeal to the Appellate Tribunal from orders of enhancement by (Chief Commissioner or Commissioner)
26	Reference to High Court
27	Hearing by High Court
28	Appeal to Supreme Court
28A	Tax to be paid notwithstanding reference, etc.
28B	Definitions of High Court
29	Gift Tax by whom payable
30	Gift Tax to be charged on property gifted
31	Notice of demand
32	Recovery of tax and penalties
33	Mode of recovery
33A	Refunds
34	Rectification of mistakes
35	Prosecution
35A	Offences by companies
35B	Offences by Hindu undivided families
35C	Section 360 of the Code of Criminal Procedure, 1973, and the Probation of Offenders Act, 1958, not to apply
35D	Presumption as to culpable mental state
35E	Proof of entries in records or documents
36	Power regarding discovery, production of evidence, etc.
37	Power to call for information
38	Effect of transfer of authorities on pending proceedings
39	Computation of period of limitation
40	Service of notice
41	Omitted
41A	Publication of information respecting assessees
41B	Disclosure of information respecting assessees
41C	Return of gifts etc., not to be invalid on certain grounds
42	Bar of suits in civil court
43	Appearance before Gift Tax authorities by authorised representatives
43A	Appearance by registered valuer in certain matters
44	Agreement for avoidance or relief of double taxation with respect to Gift Tax
44A	Rounding off of taxable gifts
44B	Rounding off of tax, etc.
45	Act not to apply in certain cases
46	Power to make rules
46A	Power to make exemption, etc., in relation to certain Union territories
47	Power to remove difficulties
–	–
Schedule 1	Rate of Gift Tax

Schedule 2	Rules for Determining the Value of Property Gifted

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