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of <h1>Finance Act, 1966: Foreign Currency Gifts from Non-Residents Now Tax-Exempt; Gift-Tax Rates Overhauled in Gift-tax Act, 1958.</h1> The amendment to the Gift-tax Act, 1958, introduced by the Finance Act, 1966, includes several changes. A new clause was added to section 5, exempting foreign currency gifts from non-residents to Indian residents, made within a specified period, from tax. The exemption limit in section 5(2) increased from Rs. 5,000 to Rs. 10,000. Section 6A was removed, and a new schedule detailing gift-tax rates was substituted. The progressive tax rates based on the value of taxable gifts, starting at 5% for gifts up to Rs. 15,000 and reaching 50% for gifts exceeding Rs. 14,90,000.
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