# The Finance Act, 1970, Section 27: Amendment of Act 18 of 1958

- Act: The Finance Act, 1970 (Act 19 of 1970)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1970/section/27/

## Text

Amendment of Act 18 of 1958 27. In the Gift-tax Act, 1958,— (a) in sub-section (2) of section 5, for the words "ten thousand", the words "five thousand" shall be substituted with effect from the 1st day of April, 1971; (b) section 11A shall be re-numbered as section 11AA, and before the section as so re-numbered, the following section shall be inserted, namely:— Commissioner competent to perform any function or functions "11A. 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 therein shall,— (a) in a case where only one Commissioner has jurisdiction over such assessee, be such Commissioner; (b) in a case where two or more Commissioners have concurrent jurisdiction over such assessee, be the Commissioner empowered to perform such function by the Board."; (c) for the Schedule, the following Schedule shall be substituted with effect from the 1st day of April, 1971, namely:— "THE SCHEDULE (See section 3) 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 value of all taxable gifts exceeds Rs. 20,000 but does not exceed 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) where the value of all taxable 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 value 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 value of such gifts exceeds Rs. 10,00,000; (8) where the value of all taxable gifts exceeds 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 the value of such gifts exceeds Rs. 20,00,000.". [Finance Act, 1970] © Copyright. Taxmann Publications Pvt. Ltd.

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