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of <h1>Finance Act 1964: Reduced Gift-tax Exemptions, New Section on Gift Aggregation, Updated Rates, and Disclosure Provisions</h1> The amendment to the Gift-tax Act, 1958, under the Finance Act, 1964, introduces several key changes. The exemption limit in section 5 is reduced from one lakh rupees to fifty thousand, and from ten thousand to five thousand in subsection (2). A new section 6A addresses the aggregation of gifts to the same donee over multiple years for tax calculation. Section 32 now includes a proviso for interest reduction upon order adjustments. Sections 41A and 41B are revised to allow the publication and disclosure of information about assessees, subject to public interest. The Schedule is updated with new gift-tax rates, ranging from 4% to 50% based on the gift value.
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