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GIFT TAX ACT

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(Querist)
16 September 2008 wheather GIFT TAX is exist as on today?
if not how there is a GIFT TAX ACT appeared on INCOME TAX WEBSITE?
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
16 September 2008 No, Gift Tax Act has been abolished a long back. Now, gifts are covered u/s 56 of the Income Tax Act.
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CA. O.P. Agarwalla

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CA. O.P. Agarwalla (Expert)
17 September 2008 Gift tax Act was abolished long-back.
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