Section 85 - Amendment of section 16B - Direct Tax Laws (Amendment) Act, 1989

85. Amendment of section 16B. In section 16B of the Gift-tax Act [as inserted by section 173 of the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988)],- (a) in sub-section (1), - (i) after the words taxable gifts as determined , the words, brackets and figures under sub-section (1) of section 15 or shall be inserted; (ii) for Explanation 1, the following Explanation shall be substituted, namely :- Explanation 1 .- In this sub-section, tax payable on the taxable gifts as determined under sub-section (1) of section 15 shall not include the additional gift-tax, if any, payable under section 15 ; (iii) after Explanation 2, the following Explanation shall be inserted, namely :- Explanation 3 .- In this sub-section, tax payable on the taxable gifts as determined under sub-section (1) of section 15 or on regular assessment shall, for the purposes of computing the interest payable under section 14B, be deemed to be tax payable on the taxable gifts as declared in the return. ; (b) in sub-section (3),- (i) after the words, brackets and figures under sub-section (1) of section 16 issued , the words, brackets and figures after the determination of taxable gifts under sub-section (1) of section 15 or shall be inserted; (ii) after the words taxable gifts as determined , the words, brackets and figures under sub-section (1) of section 15 or shall be inserted; (iii) the Explanation shall be omitted.