Gift-tax imposed on taxable gifts under amended section 3, establishing a statutory rate for assessment years commencing thereafter.

A new sub section is added to section 3 of the Gift tax Act to impose gift tax for every assessment year commencing on and from the 1st day of April, 1987: subject to other provisions of the Act, gift tax is charged on gifts made during the previous year at the rate of thirty per cent on the value of all taxable gifts.

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