Gift-tax was abolished in______.

1995

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1993

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1998

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1988

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Solution

The correct option is C 1998
Gift tax was an act introduced by the parliament of India in 1958. It was introduced to impose tax on receiving and giving gifts under certain circumstances which is specified under the act. However, it was abolished in 1998 and all the gifts made there from were tax free. Hence, gift-tax was abolished in India.

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