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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Gift-tax Act Amended: Charitable Gifts Excluding Religious Purposes Clarified; Tax Rate Increased to 6%</h1> The amendment to the Gift-tax Act, 1958, introduced by the Finance (No. 2) Act, 1965, modifies section 5 by adding a new sub-section (1A). This sub-section clarifies that references to charitable purposes in relation to gifts made on or after April 1, 1964, exclude purposes that are wholly or substantially religious. Additionally, in sections 32 and 33A, the tax rate is increased from four percent to six percent, effective from April 1, 1965.
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