The Gift-Tax Act, 1958
CHARGE OF GIFT-TAX AND GIFTS SUBJECT To SUCH CHARGE
3. Charge of gift-tax.
Subject to the other provisions contained in this Act,
there shall be charged for every 1[assessment year] commencing on and from the
1st day of April, 1958, a tax(hereinafter referred to as Gift-tax) in respect of the gifts, if any, made by
a person during the previous year (other than gifts made before the 1st day of
April, 1957) at the rate or rates specified in the Schedule.