Gift-tax Act Amended: New Sub-section Allows Valuation Officer Referral for Suspected Undervalued Gifts under Section 15.

Section 15 of the Gift-tax Act, 1958, has been amended to add a new sub-section (6) allowing the Gift-tax Officer to refer the valuation of gifted property to a Valuation Officer if the Officer believes the declared value is less than the fair market value. This referral can occur if the property value, as returned, is either based on an estimate by a registered valuer or if the Officer suspects the fair market value exceeds the returned value by a significant percentage or amount. The amendment adopts relevant provisions from the Wealth-tax Act, 1957, for such valuation references.

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