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Section27
The Finance Act, 1970

Amendment of Act 18 of 1958

In force Act 19 of 1970 As on 17 Oct 2026

Act 19 of 1970 Ministry Finance Enacted 14 May 1970 Cited by 1 provision

Section 27 of the Finance Act, 1970 deals with amendment of Act 18 of 1958. 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; The Act was enacted on 14 May 1970.

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. 20,0005 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. 50,000Rs. 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. 1,00,000Rs. 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. 2,00,000Rs. 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. 5,00,000Rs. 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. 10,00,000Rs. 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. 15,00,000Rs. 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. 20,00,000Rs. 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. 20,00,000Rs.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.

Section 27, The Finance Act, 1970 (Act 19 of 1970).

Cross-references

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

This section refers to

  1. s. 3 Amendment of section 11
  2. s. 5 Amendment of section 11

Referred to by 1

  1. s. 1 Short title and commencement

Questions about Section 27

What does Section 27 of the Finance Act deal with?

Section 27 of the Finance Act is headed "Amendment of Act 18 of 1958". 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;

How do I find court cases under Section 27 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 1970 27, section 27 Finance Act 1970, section 27 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 27 of the Finance Act, and has it changed?

Its own text turns on section 3 (Amendment of section 11), section 5 (Amendment of section 11), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was Section 27 of the Finance Act enacted?

Section 27 of the Finance Act, cited as Finance Act 1970 27, was enacted on 14 May 1970 as Act 19 of 1970. It is in force as at the date shown on this page.

Other sections of this Act

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.