Section 18 - Amendment of section 17 - Direct Taxes (Amendment) Act, 1974

CHAPTER IV AMENDMENTS TO THE GIFT-TAX ACT, 1958 18. Amendment of section 17. In section 17 of the Gift-tax Act, 1958 (18 of 1958) (hereinafter referred to as the Gift-tax Act), for clause (i) of sub-section (1), the following clause shall be substituted, and shall be deemed to have been substituted, with effect from the 1st day of April, 1963, namely: - (i) in the cases referred to in clause (a), in addition to the amount of the gift-tax, if any, payable by him, a sum equal to two per cent. of the assessed tax for every month during which the default continued, but not exceeding in the aggregate fifty per cent. of the assessed tax. Explanation .- In this clause, assessed tax means the gift-tax chargeable under the provisions of this Act as reduced by the amount, if any, for which credit is allowed under section 18; .