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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Gift-tax Act 1958 amended: Section 2 clarifies 'power of appointment'; Section 4 adds clause on property interest relinquishment.</h1> The amendment to the Gift-tax Act, 1958, introduced by the Finance (No. 2) Act, 1980, modifies section 2 by adding a specification to sub-clause (c) of clause (xxiv) regarding the 'power of appointment,' indicating it can be general, special, or restricted. Additionally, section 4 is amended to include a new clause (e) in sub-section (1), which considers the surrender, relinquishment, or termination of a property interest without adequate consideration as a gift, with the value of the interest or excess value over received consideration deemed a gift by the person relinquishing the interest.
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