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Ins. by Act 4 of 1988, s. 185 (w.e.f. 1-4-1988). 53 1[SCHEDULE 2[I] 3[[See section 3(1)]] RATES OF GIFT-TAX (1) where the value of all taxable gifts does not exceed Rs. 20,000 5 per cent. of the value of such gifts; (2) where the value of all taxable gifts exceeds Rs. 20,000 but does not exceed Rs. 50,000 Rs. 1,000 plus 10 per cent. of the amount by which the value of such gifts exceeds Rs. 20,000; (3) where the value of all taxable gifts exceeds Rs. 50,000 but does not exceed Rs. 1,00,000 Rs. 4,000 plus 15 per cent. of the amount by which the value of such gifts exceeds Rs. 50,000; (4) where the value of all taxable gifts exceeds Rs. 1,00,000 but does not exceed Rs. 2,00,000 Rs. 11,500 plus 20 per cent. of the amount by which the value of such gifts exceeds Rs. 1,00,000; (5) where the value of all taxable gifts exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 Rs. 31,500 plus 25 per cent. of the amount by which the value of such gifts exceeds Rs. 2,00,000; (6) where the value of all taxable gifts exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 1,06,500 plus 30 per cent. of the amount by which the value of such gifts exceeds Rs. 5,00,000; (7) where the value of all taxable gifts exceeds Rs. 10,00,000 but does not exceed Rs. 15,00,000 Rs. 2,56,500 plus 40 per cent. of the amount by which the value of such gifts exceeds Rs. 10,00,000; (8) where the value of all taxable gifts exceeds Rs. 15,00,000 but does not exceed Rs. 20,00,000 Rs. 4,56,500 plus 50 per cent. of the amount by which the value of such gifts exceeds Rs. 15,00,000; (9) where the value of all taxable gifts exceeds Rs. 20,00,000 Rs. 7,06,500 plus 75 per cent. of the amount by which the value of such gifts exceeds Rs. 20,00,000.]