The Gift-Tax Act, 1958
6. Value of gifts, how determined.
- The value of any property
other than cash transferred by way of gift shall, subject to the provisions of
sub-sections (2) and (3), be estimated to be the price which in the opinion of
the Gift-tax Officer it would fetch if sold in the open market on the date on
which the gift was made.
- 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 the property gifted during the period for which the gift is not revocable.
- Where the value of any property cannot be
estimated under sub-section (1) because it is not saleable in the open market,
the value shall be determined in the prescribed manner.
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