Amendment of Act 18 of 1958

Section 42 of the Finance Act, 1980 deals with amendment of Act 18 of 1958. Gift-tax Amendment of Act 18 of 1958 42. In the Gift-tax Act, 1958,— (a) in section 2, in sub-clause (c) of clause (xxiv), after the words "power of appointment", the brackets and words "(whether general, special or subject to any restrictions as to the persons in whose favour the appointment may be

Gift-tax

Amendment of Act 18 of 1958

42. In the Gift-tax Act, 1958,—

(a) in section 2, in sub-clause (c) of clause (xxiv), after the words "power of appointment", the brackets and words "(whether general, special or subject to any restrictions as to the persons in whose favour the appointment may be made)" shall be inserted;

(b) in section 4, in sub-section (1), after clause (d), the following clause shall be inserted, namely: —

" (e) where a person who has an interest in property as a tenant for a term or for life or a remainderman surrenders or relinquishes his interest in the property, or otherwise allows his interest to be terminated without consideration or for a consideration which is not adequate, the value of the interest so surrendered, relinquished or allowed to be terminated or, as the case may be, the amount by which such value exceeds the consideration received, shall be deemed to be a gift made by such person.".

[Finance (No.

2) Act, 1980]

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Section 42, The Finance Act, 1980 (Act 44 of 1980).