Small-value gift exemption expanded to permit gifts to additional persons within an annual monetary limit. Insertion of clause (xvi) into section 5(1) of the Gift-tax Act creates a small-value gift exemption permitting gifts to any other person up to a maximum of rupees five hundred in one previous year, thereby expanding the class of exempted recipients and establishing an annual monetary ceiling for that exemption.
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Provisions expressly mentioned in the judgment/order text.
Small-value gift exemption expanded to permit gifts to additional persons within an annual monetary limit.
Insertion of clause (xvi) into section 5(1) of the Gift-tax Act creates a small-value gift exemption permitting gifts to any other person up to a maximum of rupees five hundred in one previous year, thereby expanding the class of exempted recipients and establishing an annual monetary ceiling for that exemption.
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