Amendment of Act 18 of 1958

Q: When was Section 41 of the Finance Act enacted?

Section 41 of the Finance Act, cited as Finance Act 1966 41, was enacted on 13 May 1966 as Act 13 of 1966. It is in force as at the date shown on this page.

In force Act 13 of 1966 As on 16 Oct 2026

Act 13 of 1966 Ministry Finance Enacted 13 May 1966

Section 41 of the Finance Act, 1966 deals with amendment of Act 18 of 1958. Amendment of Act 18 of 1958 41. In the Gift-tax Act, 1958,— (a) in section, 5,— (i) in sub-section (1), after clause (ii), the following clause shall be inserted, namely: — '(iia) being an individual who is not resident in India, to any person resident in India, of foreign currency or other foreign The Act was enacted on 13 May 1966.

Amendment of Act 18 of 1958
41. In the Gift-tax Act, 1958,—
(a) in section, 5,—
(i) in sub-section (1), after clause (ii), the following clause shall be inserted, namely: —
'(iia) being an individual who is not resident in India, to any person resident in India, of foreign currency or other foreign exchange [as defined, respectively, in clause (c) and clause (d) of section 2 of the Foreign Exchange Regulation Act, 1947 (7 of 1947)] remitted from a country outside India in accordance with the provisions of the said Act, and any rules made thereunder, during the period commencing on the 26th day of October, 1965 and ending on the 28th day of February, 1966, or such later date as the Central Government may, by notification in the Official Gazette, specify in this behalf.
Explanation.—For the purposes of this clause, the expression "resident in India'' shall have the meaning . assigned to it in the Income-tax Act;';
(ii) in sub-section (2), for the words "five thousand", the words "ten thousand" shall be substituted;
(b) section 6A shall be omitted;
(c) for the Schedule, the following Schedule shall be substituted, namely:—
"THE SCHEDULE
[See section 3]
RATES OF GIFT-TAX
(1) Where the value of all taxable gifts does not exceed Rs, 15,000 5 per cent of the value of such gifts.
(2) Where the value of all taxable gifts exceeds Rs. 15,000 but does not exceed Rs. 40,000 Rs. 750 plus 8 per cent of the amount by which the value of such gifts exceeds Rs. 15,000.
(3) Where the value of all taxable gifts exceeds Rs. 40,000 but does not exceed Rs. 90,000 Rs. 2,750 plus 10 per cent of the amount by which the value of such gifts exceeds Rs. 40,000.
(4) Where the value of all taxable gifts exceeds Rs. 90,000 but does not exceed Rs. 1,40,000 Rs. 7,750 plus 15 per cent of the amount by which the value of such gifts exceeds Rs. 90,000.
(5) Where the value of all taxable gifts exceeds Rs. 1,40,000 but does not exceed Rs, 1,90,000 Rs. 15,250 plus 17.5 per cent of the amount by which the value of such gifts exceeds Rs. 1,40,000.
(6) Where the value of all taxable gifts exceeds Rs. 1,90,000 but does not exceed Rs. 3,40,000 Rs. 24,000 plus 20 per cent of the amount by which the value of such gifts exceeds Rs. 1,90,000.
(7) Where the value of all taxable gifts exceeds Rs. 3,40,000 but does not exceed Rs. 4,90,000 Rs. 54,000 plus 25 per cent of the amount by which the value of such gifts exceeds Rs. 3,40,000.
(8) Where the value of all taxable gifts exceeds Rs. 4,90,000 but does not exceed Rs. 9,90,000 Rs. 91,500 plus 30 per cent of the amount by which the value of such gifts exceeds Rs. 4,90,000.
(9) Where the value of all taxable gifts exceeds Rs. 9,90,000 but does not exceed Rs. 14,90,000 Rs. 2,41,500 plus 40 per cent of the amount by which the value of such gifts exceeds Rs. 9,90,000.
(10) Where the value of all taxable gifts exceeds Rs. 14,90,000 Rs. 4,41,500 plus 50 per cent. of the amount by which the value of such gifts exceeds Rs. 14,90,000.".
[Finance Act, 1966]
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Section 41, The Finance Act, 1966 (Act 13 of 1966).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

s. 3 Annuity deposit

Questions about Section 41

What does Section 41 of the Finance Act deal with?

Section 41 of the Finance Act is headed "Amendment of Act 18 of 1958". Amendment of Act 18 of 1958 41. In the Gift-tax Act, 1958,— (a) in section, 5,— (i) in sub-section (1), after clause (ii), the following clause shall be inserted, namely: — '(iia) being an individual who is not resident in India, to any person resident in India, of foreign currency or other foreign

How do I find court cases under Section 41 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1966 41, section 41 Finance Act 1966, section 41 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 41 of the Finance Act, and has it changed?

Its own text turns on section 3 (Annuity deposit), so none of them can safely be read on its own.

When was Section 41 of the Finance Act enacted?

Section 41 of the Finance Act, cited as Finance Act 1966 41, was enacted on 13 May 1966 as Act 13 of 1966. It is in force as at the date shown on this page.

Other sections of this Act

First Schedule. First Schedule3424 words
2. Income-tax1599 words
10. Insertion of new section 35A687 words
30. Substitution of new sections for 280O and 280P634 words
38. Amendment of Act 54 of 1953615 words
15. Amendment of chapter VIA501 words

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.

(1) Where the value of all taxable gifts does not exceed Rs, 15,000	5 per cent of the value of such gifts.
(2) Where the value of all taxable gifts exceeds Rs. 15,000 but does not exceed Rs. 40,000	Rs. 750 plus 8 per cent of the amount by which the value of such gifts exceeds Rs. 15,000.
(3) Where the value of all taxable gifts exceeds Rs. 40,000 but does not exceed Rs. 90,000	Rs. 2,750 plus 10 per cent of the amount by which the value of such gifts exceeds Rs. 40,000.
(4) Where the value of all taxable gifts exceeds Rs. 90,000 but does not exceed Rs. 1,40,000	Rs. 7,750 plus 15 per cent of the amount by which the value of such gifts exceeds Rs. 90,000.
(5) Where the value of all taxable gifts exceeds Rs. 1,40,000 but does not exceed Rs, 1,90,000	Rs. 15,250 plus 17.5 per cent of the amount by which the value of such gifts exceeds Rs. 1,40,000.
(6) Where the value of all taxable gifts exceeds Rs. 1,90,000 but does not exceed Rs. 3,40,000	Rs. 24,000 plus 20 per cent of the amount by which the value of such gifts exceeds Rs. 1,90,000.
(7) Where the value of all taxable gifts exceeds Rs. 3,40,000 but does not exceed Rs. 4,90,000	Rs. 54,000 plus 25 per cent of the amount by which the value of such gifts exceeds Rs. 3,40,000.
(8) Where the value of all taxable gifts exceeds Rs. 4,90,000 but does not exceed Rs. 9,90,000	Rs. 91,500 plus 30 per cent of the amount by which the value of such gifts exceeds Rs. 4,90,000.
(9) Where the value of all taxable gifts exceeds Rs. 9,90,000 but does not exceed Rs. 14,90,000	Rs. 2,41,500 plus 40 per cent of the amount by which the value of such gifts exceeds Rs. 9,90,000.
(10) Where the value of all taxable gifts exceeds Rs. 14,90,000	Rs. 4,41,500 plus 50 per cent. of the amount by which the value of such gifts exceeds Rs. 14,90,000.".