Section 4(1)(b) in The Gift- Tax Act, 1958

Central Government Act

(b) where property is transferred for a consideration which, having regard to the circumstances of the case, has not

1. Subs. by Act 53 of 1962, s. 3, for" financial year" (w. e. f. 1- 4- 1963 ).

2. Renumbered by Act 32 of 1971, s. 37 (w. e. f, 1- 4- 1972 ).

3. Omitted by Act 45 of 1972, 20 (w. e. f. 1. 1. 1973 ).

4. Ins. by Act 25 of 1975, s. 29 (w. e. f. 1. 4. 1974 ).

passed or is not intended to pass either in full or in part from the transferee, to the transferor, the amount of the consideration which has not passed or is not intended to pass shall be deemed to be a gift made by the transferor;