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Schedule 1 – The Gift Tax Act, 1958

The Gift Tax Act, 1958

 

 

THE SCHEDULE I

 

1[2[THE SCHEDULE I]
3[[See section 3 (1)]]

RATES OF Gift Tax

 

1. where the value of all taxable gifts does not exceed Rs. 20,000 5 per cent of the value of such gifts;
2. where the vlaue of all taxable gifts
exceeds, Rs. 20,000 but does not exceede Rs.50,000
Rs. 1,000 plus 10 per cent. of the
amount by which the value of such
gifts exceeds Rs. 20,000;
3. where the value of all taxable gifts exceeds, Rs. 50,000 but does not exceed Rs. 1,00,000 Rs. 4,000 plus 15 per cent. of the amount by which the value of such gifts exceeds Rs. 50,000;
4. where the value of all taxable gifts
exceeds Rs. 1,00,000 but does not exceed Rs.2,00,000
Rs. 11,500 plus 20 per cent. of the
amount by which the value of such
gifts exceeds Rs. 1,00,000;
5. wher the value of all taxble gifts exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 Rs. 31,500 plus 25 per cent, of the
amount by which the value of such
gifts exceeds Rs. 2,00,000;
6. where the value of all taxable gifts
exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000
Rs. 1,06,500 plus 30 per cent. of the amount by which the vlaue of such gifts exceeds Rs. 5,00,000;
7. where the value of all taxable gifts
exceeds Rs. 10,00,000 but does not exceed Rs.15,00,000
Rs. 2,56,500 plus 40 per cent. of the
amount by which the vlaue of such gifts exceeds Rs. 10,00,000;
8. where the value of all taxable gifts
exceed Rs.15,00,000 but does not exceed Rs. 20,00,000
Rs. 4,56,500 plus 50 per cent. of the
amount by which the value of such
gifts exceeds Rs. 15,00,000;
9. where the value of all taxable gifts
exceeds Rs. 20,00,000
Rs. 7,06,500 plus 75 per cent, of the
amount by which value of such gifts
exceeds Rs. 20,00,000.]

 

1. Subs. by Act 19 of 1970, sec. 27 (c) (w.e.f. 1-4-1971). Earlier the Schedule was subs. by Act 13 of 1966 sec. 41(c) (w.e.f. 1-4-1966) and still earlier subs. by Act 5 of 1964 sec. 52 (h) (w.e.f. 1-4-1964).

2. The Schedule renumbered as Schedule I by Act 3 of 1989, sec. 94 (w.e.f. 1-4-1989).

3. Subs. by Act 23 of 1986, sec. 46, for “(see section 3)” (w.e.f. 1-4-1987).

 

 

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The Gift Tax Act, 1958

 

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