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of <h1>Section 45 amended to expressly prohibit tax on certain company gifts and revise exemptions for amalgamation and public companies</h1> Section 45 of the Gift-tax Act was amended to replace the prior provision with an explicit non-levy: 'No tax shall be levied under this Act in respect of gifts made by' and to substitute the exempting clauses. The revised clauses exempt gifts made by companies in which the public are substantially interested and gifts by any company to an Indian company under a scheme of amalgamation. Other previously listed clauses and their explanatory provisions were later omitted by a subsequent amendment, removing an institutional/fund exemption and related explanations.
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