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of <h1>Gift Tax Credit Adjusted: Section 18 Now Allows One-Ninth Credit Post-1975 Amendment, Replacing Previous 10% Rule.</h1> Instruction No. 1062/CBDT, dated May 28, 1977, refers to the Gift Tax Act, 1958, specifically sections 18 and 18A. It clarifies the legal position regarding additional credit for gift-tax paid under section 18. Prior to the 1975 amendment by the Taxation Laws (Amendment) Act, a 10% credit was allowed. Post-amendment, effective April 1, 1975, the credit is adjusted to one-ninth of the gift-tax paid, not exceeding one-tenth of the tax due on the gift. This instruction updates previous guidance under Instruction No. 1039.
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