Gift Tax Act, 1990
Section 3, 4(1)(chha), (Ja) and 12 r/w
Trust Act, 1882
Section 3 r/w
Income Tax Ordinance, 1984
Section 160
Get the benefit of exemption of tax under section 4(1)(chha) and (Ja) of the Gift Tax Act, 1990 read with section 3 of the Trust Act, 1882–– On a plain reading of Section 4(1) (ja) of the Act, 1990 Appellate Division has found that that if the gift is made to the son, daughter, father, mother, husband, wife, full brother or full sister of the donor, then the said gift shall be exempt from the gift tax or be excluded from the ambit of gift tax chargeable under section 3 of the Gift Tax Act, 1990. ––This Division is of the view that the High Court Division rightly held that the assessing officer (Extra Assessment Commissioner of Taxes) and the appellate authorities below did not commit any illegality in imposing gift tax as contemplated under section 3 of the Gift Tax Act, 1990 and in rejecting the claim of exemption; because, in view of the provisions of the Gift Tax Act, 1990, the claim of exemption of the assessee-applicant does not have any legal basis. .....Dr. Muhammad Yunus =VS= Commissioner of Taxes, Dhaka, (Civil), 2023(2) [15 LM (AD) 154] ....View Full Judgment