Paragraph 3 of Instruction No 1063.

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Full Text of the Document

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....f Instruction No 1063 the Board had clarified that Gift Tax officers should take into account the consideration flowing from the person in whose favour the interest in the firm has been transferred. It had further been clarified that the consideration could be in the form of capital introduced in the business or in the form of labour (as in the case of a working partner) or both and the Gift Tax O....