TMI Blog725/CBDT.X X X X Extracts X X X X X X X X Extracts X X X X ..... from the gift-tax payable by him of the lesser of (a) an amount equal to the Stamp-duty paid (b) one half of the sum by which gift-tax payable before making deduction towards stamp duty exceeds Rs.1,000. 2. A question that arises in application of Section 18-A is regarding the meaning of the expression "gift-tax payable" occurring in that Section. There is no explanation to Section 18-A as in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore giving credit for any payment ---------------------------------------------------- taxable gifts to which the schedule of rate is applied. (c) The credit for stamp duty paid in respect of any property should then be given with reference to the gift-tax payable on that property as worked out in (b). The contents of this instruction may please be brought to the notice of all the officer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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