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Meaning and importance of taxes - class-X
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Which of the following statements is correct?
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A
Gift tax was abolished in India in $1998$, but income tax on gift (received) without adequate consideration was partially reintroduced in April $2004$.
💡 Explanation:
The Gift Tax Act was repealed in 1998, but the Finance Act of 2004 reintroduced taxation on gifts received without adequate consideration under the Income Tax Act. The other statements contain incorrect dates or claims regarding tax history in India.