https://www.taxtmi.com/acts?id=50797 The amendment shortens limitation periods for gift-tax assessments and reassessments: primary assessments are barred after one year from the end of the assessment year when gifts first became assessable, while assessments/reassessments following a notice are barred after two years from the end of the financial year in which the notice was served. Transitional provisos permit completion of certain mid-1980s assessments and reassessments by a specified transitional completion date, and the re-assessment period after an order setting aside or cancelling an assessment is reduced to two years with a similar transitional allowance. en-us Tue, 15 Apr 2025 11:23:25 +0530 Tue, 15 Apr 2025 11:23:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=50797 The amendment shortens limitation periods for gift-tax assessments and reassessments: primary assessments are barred after one year from the end of the assessment year when gifts first became assessable, while assessments/reassessments following a notice are barred after two years from the end of the financial year in which the notice was served. Transitional provisos permit completion of certain mid-1980s assessments and reassessments by a specified transitional completion date, and the re-assessment period after an order setting aside or cancelling an assessment is reduced to two years with a similar transitional allowance. Act-Rules F. Acts / Amendment Acts Tue, 15 Apr 2025 11:23:25 +0530 https://www.taxtmi.com/acts?id=50797