Section 1. Value of gifted property, how to be determined

1. Value of gifted property, how to be determined. —[2] [Subject to the provisions of rules 2 to 7, the value of any property], other than cash, transferred by way of gift shall, for the purposes of this Act, be determined in accordance with the provisions of Schedule III to[3] [the Wealth-tax Act, 1957 (27 of 1957) (hereinafter referred to as the Wealth-tax Act)], which shall apply subject to the following modifications, namely :— In the said Schedule,— (a) references by whatever form of words to the Wealth-tax Act shall be construed as references to this Act ; (b) in rule 5, the reference to the year ending on the valuation date shall be construed as a reference to the previous year as defined in this Act; (c) save as provided in clause (b), references to the valuation date shall be construed as references to the date on which the gift was made ; (d) reference to section 7 of the Wealth-tax Act shall be construed as references to section 6 of this Act ; (e) references to section 16A of the Wealth-tax Act shall be construed as references to sub-section (6) of section 15 of this Act.]