https://www.taxtmi.com/acts?id=50232 Where an assessee made taxable gifts in a previous year and in one or more of the four immediately preceding previous years, the value of those prior-year taxable gifts shall be aggregated with the value of taxable gifts made in that previous year and gift-tax calculated on the aggregate at the assessment-year rates; from that tax there shall be deducted the tax that would have been payable had the prior-years' gifts alone been aggregated and taxed at those rates, the balance being the gift-tax payable for the assessment year. en-us Wed, 05 Mar 2025 17:52:44 +0530 Wed, 05 Mar 2025 17:52:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=50232 Where an assessee made taxable gifts in a previous year and in one or more of the four immediately preceding previous years, the value of those prior-year taxable gifts shall be aggregated with the value of taxable gifts made in that previous year and gift-tax calculated on the aggregate at the assessment-year rates; from that tax there shall be deducted the tax that would have been payable had the prior-years' gifts alone been aggregated and taxed at those rates, the balance being the gift-tax payable for the assessment year. Act-Rules F. Acts / Amendment Acts Wed, 05 Mar 2025 17:52:44 +0530 https://www.taxtmi.com/acts?id=50232