Gift Tax Act, 1958 was an Act of the Parliament of India which was enacted to impose tax on the act of giving or receiving gifts under certain circumstances as specified by the Act.
== Charges of Gift Tax ==
As per the Gift Tax Act, the gifts that exchanged hands post 1 April 1958 were subject to taxes as mention in Schedule I. Post 1 April 1987, this was amended to the rate of 30% (Thirty percent) and included gifts that were made in that particular Assessment Year. On 1 October 1998 however, the applicability of Gift Tax ceased to exist.As per the Gift Tax Act 1958, gift (in the form of cash...