The Gift Tax Act 1958 Full and Complete Guide on Windows Pc

The Gift Tax Act 1958

Gift Tax Act, 1958 was an Act of the Parliament of India which was enacted to impose tax on the act of giving or receiving gifts under certain circumstances as specified by the Act.
Charges of Gift Tax.As per the Gift Tax Act, the gifts that exchanged hands post 1 April 1958 were subject to taxes as mention in Schedule I.Post 1 April 1987, this was amended to the rate of 30% (Thirty percent) and included gifts that were made in that particular Assessment Year. On 1 October 1998 however, the applicability of Gift Tax ceased to exist.

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A draft Act of Parliament is known as a bill.
In territories with a Westminster system, most bills that have any possibility of becoming law are introduced into parliament by the government. This will usually happen following the publication of a "white paper", setting out the issues and the way in which the proposed new law is intended to deal with them. A bill may also be introduced into parliament without formal government backing; this is known as a private member's bill.
In territories with a multicameral parliament, most bills may be first introduced in any chamber. However, certain types of legislation are required, either by constitutional convention or by law, to be introduced into a specific chamber. For example, bills imposing a tax, or involving public expenditure, are introduced into the House of Commons in the United Kingdom, Canada's House of Commons and Ireland's Dáil as a matter of law. Conversely, bills proposed by the Law Commission and consolidation bills traditionally start in the House of Lords.There is information related to The Gift Tax Act 1958 in this app that can be very useful for you.


The legislative power of the states and the Centre are defined in the constitution and these powers are divided into three lists. The subjects that are not mentioned in any of the three lists are known as residuary subjects. Subject to the provisions in the constitution elsewhere, the power to legislate on residuary subjects, rests with parliament or state legislative assembly as the case may be per Article 245. Deemed amendments to the constitution which could be passed under legislative powers of Parliament, are no more valid after the addition of Article 368 by 24th amendment.
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