Section 15(1A)(a) in The Gift-Tax Act, 1958

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Union of India - Subsection

Section 15(1A)(a) in The Gift-Tax Act, 1958

(a)Where in the case of any person, the taxable gift, as a result of the adjustments made under the first proviso to clause (a) of sub-section (1), exceeds the taxable gift declared in the return by any amount, the Assessing Officer shall,--

(i)further increase the amount of tax payable under sub-section (1) by an additional gift-tax calculated at the rate of twenty per cent, of the tax payable on such excess amount and specify the additional gift-tax in the intimation to be sent under sub-clause (i) of clause (a) of sub-section (1);

(ii)where any result is due under sub-section (1), reduce the amount of such refund by an amount equivalent to the additional gift-tax calculated under sub-clause (i).

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Union of India - Subsection

Section 15(1A)(a) in The Gift-Tax Act, 1958