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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Clarification on Gift Tax Deductions: Aggregate Gifts and Stamp Duty Over Rs. 1,000 Explained u/s 18-A.</h1> Instruction No. 725/CBDT, dated July 27, 1974, addresses the application of Section 18-A of the Gift Tax Act, 1958, concerning deductions from gift-tax payable when stamp duty on a gift exceeds Rs. 1,000. It clarifies that 'gift-tax payable' refers to the tax on the aggregate of taxable gifts made by an individual, not on individual transactions. The gift-tax for any property should be calculated based on the average tax rate, and credit for stamp duty should be applied accordingly. Officers are instructed to disseminate this clarification within their charge.
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