Section 94 - Insertion of new Schedule II - Direct Tax Laws (Amendment) Act, 1989

94. Insertion of new Schedule II. In the Gift-tax Act, the existing Schedule shall be renumbered as Schedule I and after Schedule I as so renumbered, the following Schedule shall be inserted, namely :- SCHEDULE II [See section 6(1)] Rules for determining the value of property gifted Value of gifted property, how to be determined. The value of any property, other than cash, transferred by way of gift shall, for the purposes of this Act, be determined in accordance with the provisions of Schedule III to the Wealth-tax Act, which shall apply subject to the following modifications, namely: - In the said Schedule,- (a) references by whatever form of words to the Wealth-tax Act shall be construed as references to this Act; (b) in rule 5, the reference to the year ending on the valuation date shall be construed as a reference to the previous year as defined in this Act; (c) save as provided in clause (b), references to the valuation date shall be construed as references to the date on which the gift was made; (d) reference to section 7 of the Wealth-tax Act shall be construed as references to section 6 of this Act; (e) references to section 16A of the Wealth-tax Act shall be construed as references to sub-section (6) of section 15 of this Act. .