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of <h1>Amendment to Gift-tax Act: Exemptions for Religious Gifts in Section 5, Stamp Duty Credit in New Section 18A.</h1> The amendment to the Gift-tax Act, 1958, introduces two key changes. First, a new clause is added to Section 5, allowing gifts to religious places notified by the Central Government or trusts with income used exclusively for such places, to be exempt from gift tax. Second, a new Section 18A provides a credit for stamp duty paid on gifts. If the gift-tax payable exceeds one thousand rupees, the taxpayer can deduct either the paid stamp duty or half the amount by which the gift-tax exceeds one thousand rupees, whichever is less.
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