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).
