"Firm is one of the entities liable to gift-tax under the Gift-tax Act. 1958".

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....clarifying that a "firm is one of the entities liable to gift-tax under the Gift-tax Act. 1958". The Board have come across a few instances which show that G.T. Officers have some doubts about the assessability of gifts made by firms. U/S 3 of the G.T. Act; gift-tax is chargeable in respect of gifts made by a "person". Section 2(xviii) of the Act defines the term 'person' to include a Hindu Undivi....