Limitation period for gift tax assessments restricts when assessments and reassessments may be completed, with defined exceptions. Section 16A prescribes limitation periods for assessments and re assessments under the Gift tax Act, providing alternative time bars based on commencement ... Summary
Limitation period for gift tax assessments restricts when assessments and reassessments may be completed, with defined exceptions.
Section 16A prescribes limitation periods for assessments and re assessments under the Gift tax Act, providing alternative time bars based on commencement dates or filing of returns and applying notice triggered limitation clocks for re assessments; it preserves exceptions permitting assessments to give effect to specified administrative or court orders and excludes reopening time and judicial stays from limitation calculations.
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