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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Gift-tax Act Amended: Section 18A Allows Stamp Duty Deduction for Gifts, Effective April 1, 1983.</h1> In the Gift-tax Act, section 18A is replaced to allow a deduction for stamp duty paid on a gift instrument. Effective from April 1, 1983, this provision entitles the taxpayer to a deduction from the payable gift tax. The deduction amount is either equal to the stamp duty paid or half of the gift tax payable before the deduction, whichever is lesser. This amendment aims to provide financial relief to taxpayers by accounting for the stamp duty expense incurred during the gifting process.
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