Gift tax rate increase takes effect from the stated October commencement under amendment substituting a higher statutory rate. The amendment substitutes the words 'twelve per cent.' with 'fifteen per cent.' in sections 32 and 33A of the Gift tax Act, 1958, with effect from the first day of October, 1984, thereby raising the statutory gift tax rate specified in those sections.
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Provisions expressly mentioned in the judgment/order text.
Gift tax rate increase takes effect from the stated October commencement under amendment substituting a higher statutory rate.
The amendment substitutes the words "twelve per cent." with "fifteen per cent." in sections 32 and 33A of the Gift tax Act, 1958, with effect from the first day of October, 1984, thereby raising the statutory gift tax rate specified in those sections.
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