Gift tax amendment removes profit activity exclusion, broadening taxable transfers with retrospective effect. The Gift tax Act is amended to omit the phrase excluding transfers 'not involving the carrying on of any activity for profit' from the definitional clause formerly in clause (va) of section 2; that omission is to be treated as having retrospective effect, changing the Act's scope by removing the profit activity limitation on exempt transfers.
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Gift tax amendment removes profit activity exclusion, broadening taxable transfers with retrospective effect.
The Gift tax Act is amended to omit the phrase excluding transfers "not involving the carrying on of any activity for profit" from the definitional clause formerly in clause (va) of section 2; that omission is to be treated as having retrospective effect, changing the Act's scope by removing the profit activity limitation on exempt transfers.
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