1Short title extent and commencement
This Act maybe called the Gift-tax Act, 1958. It extends to the whole of India except the State of Jammu and Kashmir. It shall be deemed to have come into fo...
2Definitions. In this Act, unless the context otherwise requires
"Appellate Assistant Commissioner" means a person empowered to exercise the powers of the Appellate Assistant Commissioner of Gift-tax under section 8; "App...
3Charge of gift-tax
Subject to the other provisions contained in this Act, there shall be charged for every 1[assessment year] commencing on and from the 1st day of April, 19...
4Gifts to include certain transfers
For the purposes of this Act,- where property is transferred otherwise than for adequate consideration, the amount by which the market value of the pr...
5Exemption in respect of certain gifts
Gift-tax shall not be charged under this Act in respect of gifts made by any person- of immovable property situate outside the territories to which ...
6Value of gifts, how determined
The value of any property other than cash transferred by way of gift shall, subject to the provisions of sub-sections (2) and (3), be estimated to be ...
6AAggregation of gifts made to the same donee during a certain period
Notwithstanding anything contained in this Act, where an assessee has made taxable gifts during any previous year and has also made taxable gifts (not bei...
7Gift tax officers
Every Income-tax Officer having jurisdiction or exercising powers as such under the Income-tax Act in respect of any person 1 Ins. by Act 41 of 1975, s. 1...
7A.Power of Commissioner respecting specified areas, cases or persons
The Commissioner may, by general or special order in writing direct that such of the functions assigned to the Gift-tax officer by or under this Act as are ...
7AA.Concurrent jurisdiction of Inspecting Assistant Commissioner and Gift - tax Officer
he. Commissioner. may, by general or special order in writing, direct that all or any of the powers or functions conferred on or assigned to the Gift-tax Of...
8Appellate Assistant Commissioners of Gift - tax
The Board may empower as many persons as it thinks fit to@ exercise under this Act the functions of an Appellate Assistant Commissioner of Gift-tax, and on ...
8A.Commissioners of Gift - tax (Appeals)
The Board may empower as many persons as it thinks fit to exercise under this Act the functions of a Commissioner of Gift-tax (Appeals), and on being so e...
9Commissioners of Gift-tax
The Board may empower as many persons as it thinks fit to exercise under this Act the functions of a Commissioner of Gift-tax, and an being so empowered the...
9A.Directors of Inspection
The Board may empower as many persons as it thinks fit to exercise under this Act the functions of a Director of Inspection. A Director of Inspection shall ...
10Inspecting Assistant Commissioners of Gift - tax
The Commissioner of Gift-tax may empower as many persons as he thinks fit to exercise under this Act the functions of an Inspecting Assistant Commissioner ...
11Inspector of Gift-tax
A Commissioner may empower any Inspector of Income-tax within the meaning of the Income-tax Act to work as an Inspector of Gift-tax under any other Gift-tax...
11A.Commissioner competent to perform any function or functions
In respect of any function to be performed by a Commissioner under any provision of this Act, in relation to an assessee, the Commissioner referred to therei...
11AA.Gift - tax Officer competent to perform any function or functions
In respect of any function to be performed by a Gift-tax Officer under any provision of this Act, in relation to any assessee, the Gift-tax Officer referre...
12Gift - tax authorities to follow orders, etc., of the Board
All officers and other persons employed in the execution of this Act shall observe and follow the orders, instructions and directions of the Board- Pr...
12A.Power of Commissioner of Gift-tax
The Commissioner of Gift-tax and the Inspecting Assistant Commissioner of Gift-tax shall be competent to make any enquiry under this Act and for this purpos...
13Return of gifts
Every person who during a previous year has made any taxable gifts 4[or is assessable in respect of the taxable gifts made by any other person under...
14Return after due date and amendment of return
If any person has not furnished a return within the time allowed under section 13, or having furnished a return under that section, discovers any ommission ...
14A.Return by whom to be signed
The return made under section13 or section 14 shall be signed and verified- in the case of an individual, by the individual himself where the individual is a...
15Assessment
If the Gift-tax Officer is satisfied without requiring the presence of the assessee or the production by him of any evidence that a return made under sectio...
16Gift escaping assessment
If the Gift-tax Officer- has reason to believe that by reason of the omission or failure on the part of the assessee to make a return under section 13 of the...
16A.Time limit for completion of assessment and re - assessment
No order of assessment shall be made under section 15 at any time after the expiration of a period of- four years commencing on and from the 1st day of April...
17Penalty for failure to furnish returns, to comply with notices and concealment of gifts, etc
If the Gift-tax Officer, Appellate Assistant Com missioner, 5[Commissioner (Appeals),] Commissioner or Appellate Tribunal, in the course of any proceedings ...
17A.Penalty for failure to answer questions, sign statements, etc
If a person,- being legally bound to state the truth of any matter touching the subject of his assessment, refuses to answer any question demanded of him by ...
18Rebate on advance payments
If a person making a taxable gift pays into the treasury within fifteen days of his making the gift any part of the amount of tax due on the gift calculat...
18A.Credit for stamp duty paid on instrument of gift
Where any stamp duty has been paid under any law relating to stamp duty in force in any State on an instrument of gift of property in respect of which the g...
19Tax of deceased person
where a person dies, his executor, administrator, or other legal representative shall be liable to pay out   where a person dies, his executor, administra...
20Assessment after partition of a Hindu undivided family
Where, at the time of making an assessment, it is brought to the notice of the Gift-tax Officer that a partition has taken place among the members of a Hindu...
21Liability in case of discontinued firm or association of persons
Where a firm or association of persons liable to pay gift-tax has been discontinued or dissolved, the Gift-tax Officer shall determine the gift-tax pa...
21A.Assessment of donee when donor cannot be found
Where aGift-tax Officer after using all due and reasonable diligence cannot find the donor who has made any taxable gifts, for the purpose of service of noti...
22Appeal to the Appellate Assistant Commissioner from order of Gift - tax Officer
3[Subject to the provisions of sub-section (1A), any person]. objecting to the value of 2* * * taxable gifts determine under this Act@, or Ins. by...
23Appeal to the Appellate Tribunal
An assessee, objecting to an order passed by the Appellate Assistant Commissioner 5[ or the commissioner (Appeals)] [under sections 17 or 17A]4 or section 22...
24Power of Commissioner to revise orders of ubordinate authorities
The Commissioner may, either on his own motion or on application made by an assessee in this behalf, call for the record of any proceeding under this Act in...
25Appeal to the Appellate Tribunal from orders of enhancement by Commissioner
An assessee objecting to an order passed by the Commissioner 6[under section 17 or section 17A] or to an order of enhancement passed by him under section 24...
26Reference to High Court or Supreme Court
The assessee or the Commissioner may, within sixty days of the date upon which he is served with notice of an order under section 23 or section 25, by appli...
27Hearing by High Court
When a case has been stated to the High Court under section 26, it shall be heard by a Bench of not less than two Judges of the High Court and shall be deci...
28Appeal to Supreme Court
An appeal shall lie to the Supreme Court from any judgment of the High Court delivered on a case stated under section 26 in any case which the High Court ce...
28A.Tax to be paid not with standing reference etc
Notwithstanding that a reference has been made to the High Court or the Supreme Court or an appeal has been preferred to the Supreme Court, tax shall be pay...
28B.Definition of High Court
in relation to any State, the High Court of that State in relation to the Union territory of Delhi, the High Court of Delhi ; iia.       in relation to...
29Gift - tax by whom payable
Subject to the provisions of this Act, gift-tax shall be payable by the donor but when in the opinion of the Gift-tax Officer the tax cannot be recovered ...
30Gift - tax to be charged on property gifted
Gift - tax payable in respect of any gift comprising immovable property shall be a first charge on that property but any such charge shall not affect the ti...
31Notice of demand
When any tax, interest, penalty, fine or any other sum is payable in consequence of any order passed under this Act, the Gift - tax Officer shall serve upon...
32Recovery of tax and penalties
Any amount specified as payable in a notice of demand under section 31 shall be paid within thirty-five days of the service of the notice at the place...
33Mode of recovery
The provisions contained in 2[sections 221.to 227, 228A] 229, 231 and 232 of the Income-tax Act and the Second and Third Schedule to that Act and any rules ...
33A.Refunds
Where, as a result of any order passed in appeal or other proceeding under this Act, refund of any amount becomes due to the assessee the Gift-tax Officer sh...
34Rectification of mistakes
With a view to rectifying any mistake apparent from the record-- the Gift-tax Officer may amend any order of assessment or of refund or any other order pas...
35Prosecution
If any person fails without reasonable cause to furnish in due time any return of gifts under this Act to produce, or cause to be produced, on or before the ...
35A.Offences by companies
Where an offence under this Act has been committed by a company, every person who, at the time the offence was committed, was in charge of and was res...
35B.Offences by Hindu undivided families
Where an offence under this Act has been committed by a Hindu undivided family, the Karta thereof shall be deemed to be guilty of the offence and shall be ...
36Power regarding discovery, production of evidence, etc
The Gift-tax Officer, the Appellate Assistant Commissioner, 4[the Commissioner (Appeals)] the Commissioner and the Appellate Tribunal shall, for the@ purpos...
37Power to call for information
Where, for the purposes of determining the gift-tax payable by any person, it appears necessary for the Gift-tax Officer to obtain any statement or informat...
38Effect of transfer of authorities on pending proceedings
Whenever in respect of any proceeding under this Act any Gift-tax authority ceases to exercise jurisdiction and is succeeded by another who has and exercise...
39Computation of period of limitation
In computing the period of limitation prescribed for an appeal or an application under this Act, the day on which the order complained of was served and if ...
40Service of notice
A notice or a requisition under this Act may be served on the person therein named either by post or as if it were summons issued by a court under the Code ...
41Prohibition of disclosure of information
Rep. by the Finance Act, 1964 (5 of 1964), s. 52 (w.e.f. 1-4-1964)....
41A.Publication of information respecting assessees
If the Central Government is of opinion that it is necessary or expedient in the public interest to publish the names of any assessees and any other particu...
41B.Disclosure of information respecting assessees
Where a person makes an application to the Commissioner in the prescribed form for any information relating to any assessee in respect of any assessment m...
41C.Return of gifts, etc., not to be invalid on certain grounds
No return of gifts, assessment, notice, summons or other proceeding, furnished or made or issued or taken or purported to have been furnished or made or i...
42Bar of suits in civil court
No suit shall lie in any civil court to set aside or modify any assessment made under this Act, and no prosecution, suit or other Subs. by Act 5 of 1964 s. ...
43Appearance before Gift-tax authorities by authorised representatives
Any assessee who is entitled to or required to attend before any Gift-tax authority or the Appellate Tribunal in connection with any proceeding under this A...
43A.Appearance by registered valuer in certain matters
Any assessee who is entitled or required to attend before any Gift-tax Authority or the Appellate Tribunal in connection with any matter relating to the va...
44Agreement for avoidance or relief of double taxation with respect to gift tax
4[The Central Government may enter into an agreement with the Government of any reciprocating country- for the avoidance or relief of double taxation with re...
44A.Rounding off of taxable gifts
The amount assessed in accordance with the foregoing provisions of this Act as being the value of all taxable gifts shall be rounded off to the nearest mult...
44B.Rounding off of tax, etc
The amount of gift-tax, interest, penalty, fine or any other sum payable, and the amount of refund due, under the provisions of this Act, shall be rounded o...
45Act not to apply in certain cases
The provisions of this Act shall not apply to gifts made by a Government company as defined in section 617 of the Companies Act, 1956; (1 of 1956.) a corpo...
46Power to make rules
The Board may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act. In particular, and without prejudice to th...
Schedule
(See section 3) RATES OF GIFT - TAX Where the value of all taxable 5 per cent of the value such gifts does not exceed Rs. 20,000 gifts; where the value of...
Have a Legal Issue?
Get connected to the Best Lawyers and Chartered Accountants Near You!