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1540. Additional relief to property in respect of which gift-tax has been paid and estate duty has also been levied – Notification issued under sub-section (2) granting reduction in estate duty

Whereas the Central Government is of opinion that circumstances are such that relief should be given in respect of the following class of property, namely, any property in respect of which tax has been paid under the Gift-tax Act, 1958 (18 of 1958), before the commencement of the Estate Duty (Amendment) Act, 1958 (3 of 1958), and in respect of which estate duty has been levied under the Estate Duty Act, 1953 (34 of 1953) by virtue of the inclusion of that property in the estate of the donor concerned as property passing under the said Estate Duty Act ;

Now, therefore, in exercise of the powers conferred by sub-section (2) of section 33 of the said Estate Duty Act, the Central Government hereby directs that any estate duty so levied be reduced by an amount equal to the amount of gift-tax paid in respect of any such property under the Gift-tax Act.

Notification : No. GSR 657, dated 4-6-1960.

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