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of <h1>Finance Act 1971 Updates Gift-Tax Act: Property Conversion as Gift, Hindu Family Provisions, Tax Officer Roles, Exemptions</h1> The Finance (No. 2) Act, 1971 amends the Gift-tax Act, 1958, effective April 1, 1972. Section 2 is revised to include the conversion of property as a gift. Section 4 is restructured, introducing a provision that treats converted property of a Hindu undivided family member as a gift. Section 5 updates references to sections of the Income-tax Act, effective April 1, 1968. Section 33 modifies the roles of Tax Recovery Officers and Commissioners, effective January 1, 1972. Section 45 clarifies that exemptions for gifts by certain institutions are not invalidated by specific tax compliance issues.
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