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of <h1>Gift-tax Act Amendment Changes Reassessment Rules for Escaped Taxable Gifts with New Time Limits for Notice Issuance</h1> The amendment to section 16 of the Gift-tax Act modifies procedures for reassessment of escaped taxable gifts. The Assessing Officer may issue a notice requiring return filing if gifts have escaped assessment. Time limits for issuing notices vary based on assessment history and value of escaped gifts: within 4 years generally, up to 7 years for escaped gifts worth 25,000-50,000 or more, and up to 10 years for escaped gifts worth 50,000-100,000 or more. Higher-ranking officers must approve notices after certain periods. Escaped assessment includes cases of non-filing despite taxable gifts, understated gift values, or excessive exemption claims.
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