Charge of gift-tax :
Section – 3 36 [(1)] Subject to the other provisions contained in this Act, there shall be charged for every 37[assessment] year commencing on and from the 1st day of April, 1958, 38[but before the 1st day of April, 1987,] 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 39[Schedule I].
40 [(2) 41[Subject to the other provisions contained in this Act], there shall be charged for every assessment year commencing on and from the 1st day of April, 1987, gift-tax in respect of the gifts, if any, made by a person during the previous year, at the rate of thirty per cent on the value of all taxable gifts.]
41a [(3) Notwithstanding anything contained in sub-section (2), the provisions of this Act shall cease to apply and shall have no effect whatsover in respect of any gift made on or after the 1st day of October, 1998.]