Gift-Tax Act, 1958
No: 18 Dated: May, 15 1958
THE GIFT-TAX ACT, 1958
ACT NO. 18 OF 1958
An Act to provide for the levy of gift-tax.
BE it enacted by Parliament in the Ninth Year of the Republic of India as follows :—
CHAPTER I
PRELIMINARY
1. Short title, extent and commencement. — (1) This Act may be called the Gift-tax Act, 1958.
(2) It extends to the whole of India except the State of Jammu and Kashmir.
(3) It shall be deemed to have come into force on the 1st day of April, 1958.
2. Definitions. — In this Act, unless the context otherwise requires,—
(ii) “Appellate Tribunal” means the Appellate Tribunal constituted under section 252 of the Income-tax Act;
(iii) “assessee” means a person by whom gift-tax or any other sum of money is payable under this Act, and includes—
(a) every person in respect of whom any proceeding under this Act has been taken for the determination of gift-tax payable by him or by any other person or the amount of refund due to him or such other person;
(b) every person who is deemed to be an assessee under this Act;
(c) every person who is deemed to be an assessee in default under this Act;
(iiia) “Assessing Officer” means the Assistant Commissioner or Deputy Commissioner or the Income-tax Officer who is vested with the relevant jurisdiction by virtue of directions or orders issued under sub-section (1) or sub-section (2) of section 120 or any other provision of the Income-tax Act which apply for the purposes of gift-tax under section 7 of this Act, and also the Joint Commissioner who is directed under clause (b) of sub-section (4) of the said section 120 to exercise or perform all or any of the powers and functions conferred on or assigned to the Assessing Officer under that Act;
(iv) “assessment” includes reassessment;
(iva) “assessment year” means the period of twelve months commencing on the 1st day of April every year;
(v) “Board” means the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963);
(va) “charitable purpose” includes relief of the poor, education, medical relief, and the advancement of any other object of general public utility
(vii) the expressions “company”, “Indian company” and “company in which the public are substantially interested” shall have the meanings respectively assigned to them under section 2 of the Income-tax Act;
(viii) “donee” means any person who acquires any property under a gift, and, where a gift is made to a trustee for the benefit of another person, includes both the trustee and the beneficiary;
(ix) “donor” means any person who makes a gift;
(x) “executor” means an executor or administrator of the estate of a deceased person;
(xi) the expressions “firm”, “partner” and “partnership” shall have the meanings respectively assigned to them under section 2 of the Income-tax Act;
(xii) “gift” means the transfer by one person to another of any existing movable or immovable property made voluntarily and without consideration in money or money’s worth, and includes the transfer or conversion of any property referred to in section 4, deemed to be a gift under that section.
Explanation.—A transfer of any building or part thereof referred to in clause (iii), clause (iiia) or clause (iiib) of section 27 of the Income-tax Act by the person who is deemed under the said clause to be the owner thereof made voluntarily and without consideration in money or money’s worth, shall be deemed to be a gift made by such person;