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of <h1>New Section 6A in Gift-tax Act Combines Past Gifts for Tax Calculation, Effective Post-June 1, 1973</h1> Section 6A is introduced into the Gift-tax Act, 1958, through the Taxation Laws (Amendment) Act, 1975. This section mandates the aggregation of taxable gifts made by an assessee during a specific period. It requires that gifts made in the previous year and those made in any of the four preceding years (post-June 1, 1973) be combined to determine the gift-tax for the relevant assessment year. The tax is calculated on this aggregate value, and deductions are made for taxes that would have been levied on gifts from the four preceding years, resulting in the final gift-tax payable.
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