Section 81 - Substitution of new section for section 6 - Direct Tax Laws (Amendment) Act, 1989

81. Substitution of new section for section 6. For section 6 of the Gift-tax Act, the following section shall be substituted, namely :- 6. Value of gifts, how determined. (1) Subject to the provisions of sub-section (2), the value of any property, other than cash, transferred by way of gift shall, for the purpose of this Act, be its value as on the date on which the gift was made and shall be determined in the manner laid down in Schedule II. (2) Where a person makes a gift which is not revocable for a specified period, the value of the property gifted shall be the capitalised value of the income from such property during the period for which the gift is not revocable. .