Gift-tax cessation ends application of the Gift-tax Act to gifts made on or after the operative commencement. The amendment inserts a sub-section in section 3 declaring that the provisions of the Gift-tax Act shall cease to apply and have no effect in respect of ... Summary
Gift-tax cessation ends application of the Gift-tax Act to gifts made on or after the operative commencement.
The amendment inserts a sub-section in section 3 declaring that the provisions of the Gift-tax Act shall cease to apply and have no effect in respect of any gift made on or after the operative commencement, thereby removing the Act's application prospectively to such gifts.
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