Gift-tax exemptions and stamp duty credit extended for donations to notified religious places and certain trust settlements. The Act adds a clause exempting gifts to temples, mosques, gurdwaras, churches or other places notified by the Central Government and settlements on trust for exclusive use for such notified places. It also inserts section 18A permitting a deduction from gift-tax equal to stamp duty paid on the instrument of gift or one-half of the excess by which the gift-tax (before deduction) exceeds the statutory threshold, whichever is less.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Gift-tax exemptions and stamp duty credit extended for donations to notified religious places and certain trust settlements.
The Act adds a clause exempting gifts to temples, mosques, gurdwaras, churches or other places notified by the Central Government and settlements on trust for exclusive use for such notified places. It also inserts section 18A permitting a deduction from gift-tax equal to stamp duty paid on the instrument of gift or one-half of the excess by which the gift-tax (before deduction) exceeds the statutory threshold, whichever is less.
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