[1] 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.
50,000/- received from one who doesn’t have any blood relations with the donee, were taxable.
[4] Gift Tax was also not applicable in case of the transfers of immovable property that were situated outside the country.
However, gifts forwarded to blood relatives are exempted from taxes, such as father, mother, sister or brother.