RATES OF GIFT-TAX
(1) where the value of all taxable gifts does not
exceed Rs. 20,000
5 per cent. of the value of such
gifts;
(2) where the value of all taxable gifts exceeds
Rs. 20,000 but does not exceed Rs. 50,000
Rs. 1,000 plus 10 per cent. of the
amount by which the value of such
gifts exceeds Rs. 20,000;
(3) where the value of all taxable gifts exceeds
Rs. 50,000 but does not exceed Rs. 1,00,000
Rs. 4,000 plus 15 per cent. of the
amount by which the value of such
gifts exceeds Rs. 50,000;
(4) where the value of all taxable gifts exceeds
Rs. 1,00,000 but does not exceed
Rs. 2,00,000
Rs. 11,500 plus 20 per cent. of the
amount by which the value of such
gifts exceeds Rs. 1,00,000;
(5) where the value of all taxable gifts exceeds
Rs. 2,00,000 but does not exceed
Rs. 5,00,000
Rs. 31,500 plus 25 per cent. of the
amount by which the value of such
gifts exceeds Rs. 2,00,000;
(6) where the value of all taxable gifts exceeds
Rs. 5,00,000 but does not exceed
Rs. 10,00,000
Rs. 1,06,500 plus 30 per cent. of
the amount by which the value of
such gifts exceeds Rs. 5,00,000;
(7) where the value of all taxable gifts exceeds
Rs. 10,00,000 but does not exceed
Rs. 15,00,000
Rs. 2,56,500 plus 40 per cent. of
the amount by which the value of
such gifts exceeds Rs. 10,00,000;
(8) where the value of all taxable gifts exceeds
Rs. 15,00,000 but does not exceed
Rs. 20,00,000
Rs. 4,56,500 plus 50 per cent. of
the amount by which the value of
such gifts exceeds Rs. 15,00,000;
(9) where the value of all taxable gifts exceeds
Rs. 20,00,000
Rs. 7,06,500 plus 75 per cent. of
the amount by which the value of
such gifts exceeds Rs. 20,00,000.]