https://www.taxtmi.com/acts?id=50941 The amendment inserts a two year time limit for intimation and a new sub section imposing an additional gift tax where adjustments increase the taxable gift beyond the return: the Assessing Officer must levy additional gift tax on the tax attributable to that excess, offset refunds by that amount, and adjust the additional tax in light of subsequent orders, with increases attracting a notice of demand and reductions resulting in refunds; sub section (6) is amended to require taking fair market value into account where section 6 read with Schedule II applies. en-us Thu, 17 Apr 2025 14:34:56 +0530 Thu, 17 Apr 2025 14:34:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=50941 The amendment inserts a two year time limit for intimation and a new sub section imposing an additional gift tax where adjustments increase the taxable gift beyond the return: the Assessing Officer must levy additional gift tax on the tax attributable to that excess, offset refunds by that amount, and adjust the additional tax in light of subsequent orders, with increases attracting a notice of demand and reductions resulting in refunds; sub section (6) is amended to require taking fair market value into account where section 6 read with Schedule II applies. Act-Rules F. Acts / Amendment Acts Thu, 17 Apr 2025 14:34:56 +0530 https://www.taxtmi.com/acts?id=50941