Deduction for stamp duty under section 18A clarified: compute credit using aggregate gift tax and an average rate per property. The board clarifies that for Section 18-A the gift-tax payable in respect of any particular property is calculated by first computing gift-tax on the aggregate of taxable gifts for the year, then deriving an average rate by dividing the aggregate gift-tax demand before credits by the total taxable gifts, and finally apportioning the stamp duty credit to each property by applying that average rate to the property's taxable amount.
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Deduction for stamp duty under section 18A clarified: compute credit using aggregate gift tax and an average rate per property.
The board clarifies that for Section 18-A the gift-tax payable in respect of any particular property is calculated by first computing gift-tax on the aggregate of taxable gifts for the year, then deriving an average rate by dividing the aggregate gift-tax demand before credits by the total taxable gifts, and finally apportioning the stamp duty credit to each property by applying that average rate to the property's taxable amount.
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