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<h1>Gift-tax Act Section 4 Amended: New Property Valuation Method Effective April 1, 1992, per Finance Act 1991.</h1> Section 4 of the Gift-tax Act, 1958, is amended by replacing the phrase 'market value of the property at the date of the transfer' in sub-section (2), clause (a), with 'value of the property as on the date of the transfer and determined in the manner laid down in Schedule II.' This change is effective from April 1, 1992, as per the Finance (No. 2) Act, 1991.