THE SCHEDULE I

[See section 3(1)]

Rates of Gift-tax

(1) where the value of all taxable gifts 5 per cent of the value of does not exceed Rs. 20,000 such gifts;

(2) where the value of all taxable gifts Rs. 1,000 plus 10 per cent of exceeds Rs. 20,000 but does not the amount by which the value of exceed Rs. 50,000 such gifts exceeds Rs. 20,000;

(3) where the value of all taxable gifts Rs. 4,000 plus 15 per cent of exceeds Rs. 50,000 but does not the amount by which the value of exceed Rs. 1,00,000 such gifts exceeds Rs. 50,000;

(4) where the value of all taxable gifts Rs. 11,500 plus 20 per cent of exceeds Rs. 1,00,000 but does not the amount by which the value of exceed Rs. 2,00,000 such gifts exceeds Rs. 1,00,000;

(5) where the value of all taxable gifts Rs. 31,500 plus 25 per cent of exceeds Rs. 2,00,000 but does the amount by which the value of not exceed Rs. 5,00,000 such gifts exceeds Rs. 2,00,000;

(6) where the value of all taxable gifts Rs. 1,06,500 plus 30 per cent of exceeds Rs. 5,00,000 but does not the amount by which the value of exceed Rs. 10,00,000 such gifts exceeds Rs. 5,00,000;

(7) where the value of all taxable gifts Rs. 2,56,500 plus 40 per cent of exceeds Rs. 10,00,000 but does not the amount by which the value of exceed Rs. 15,00,000 such gifts exceeds Rs. 10,00,000;

(8) where the value of all taxable gifts Rs. 4,56,500 plus 50 per cent of exceeds Rs. 15,00,000 but does not the amount by which the value of exceed Rs. 20,00,000 such gifts exceeds Rs. 15,00,000;

(9) where the value of all taxable gifts Rs. 7,06,500 plus 75 per cent of exceeds Rs. 20,00,000 the amount by which the value of such gifts exceeds Rs. 20,00,000.