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Section41
The Finance Act, 1986

Amendment of section 3

In force Act 23 of 1986 As on 18 Oct 2026

Act 23 of 1986 Ministry Finance

Section 41 of the Finance Act, 1986 deals with amendment of section 3. Gift-tax Amendment of section 3. 41. In the Gift-tax Act, 1958 (18 of 1958) (here in after referred to as the Gift-tax Act), with effect from the 1st day of April, 1987, section 3 shall be renumbered as sub-section.

Gift-tax

Amendment of section 3.

41. In the Gift-tax Act, 1958 (18 of 1958) (here in after referred to as the Gift-tax Act), with effect from the 1st day of April, 1987, section 3 shall be renumbered as sub-section. (I) thereof, and—

(a) in sub-section (1) as so renumbered, after the words, figures and letters "the 1st day of April, 1958, (18 of 1958) ", the words, figures and letters "but before the 1st day of April, 1987," shall be inserted;

(b) after sub-section (1) as so renumbered, the following subsection shall be inserted, namely: —

"(2) Subject to the other provisions contained in this Act, there shall be charged for every assessment year commencing on and from the 1st day of April, 1987, gift-tax in respect of the gifts, if any, made by a person during the previous year, at the rate of thirty, per cent. on the value of all taxable gifts.".

[Finance Act, 1986]

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Section 41, The Finance Act, 1986 (Act 23 of 1986).

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 10

Questions about Section 41

What does Section 41 of the Finance Act deal with?

Section 41 of the Finance Act is headed "Amendment of section 3". Gift-tax Amendment of section 3. 41. In the Gift-tax Act, 1958 (18 of 1958) (here in after referred to as the Gift-tax Act), with effect from the 1st day of April, 1987, section 3 shall be renumbered as sub-section.

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 1986 41, section 41 Finance Act 1986, 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 (Amendment of section 10), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 1986 as Act 23 of 1986. India Code records no commencement date for it. 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.