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of <h1>Gift Tax Rebate: Exclude Gift Date from 15-Day Payment Period u/s 18 for Rebate Eligibility.</h1> Circular No. 164, dated June 4, 1975, addresses the computation of the 15-day period for paying gift tax to qualify for a rebate under Section 18. It clarifies that the date on which the gift is made should be excluded from this period. For instance, if a gift is made on March 31, the taxpayer has until April 15 to pay the tax and receive the rebate, unless April 15 is a holiday, in which case payment can be made the following day.
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