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of <h1>Gift-tax Act Amendment: Exemption Limit Cut, New Section 11A Introduced, Revised Tax Rates Effective April 1971</h1> The amendment to the Gift-tax Act, 1958, effective April 1, 1971, reduces the exemption limit in section 5 from ten thousand to five thousand. Section 11A is re-numbered to 11AA, and a new section 11A is introduced, detailing the role of the Commissioner in performing functions related to an assessee. The amendment also revises the Schedule of gift-tax rates, outlining specific tax percentages and amounts applicable based on the total income and value of taxable gifts, with rates escalating as the value of gifts increases.
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