In Bangladesh, gift tax is levied on taxable gifts at the rates specified in the schedule to the Gift Tax Act 1990. A ‘gift’ means the transfer by one person to another of any immovable or movable property voluntarily and without consideration of any money's worth. The value of the property under gift (other than cash) shall be the value which, in the opinion of the Deputy Commissioner of Taxes, the gift would fetch if sold in the open market on the date of gift. When a property is not saleable in the open market to determine its value this way, its value will be determined according to the rules prescribed for the purpose. The provisions of this Act shall not apply to gifts made by:  A body corporate established or constituted by or under any law  Any institution or fund, income whereof is exempt from income tax under Paragraph 1 and 2 of Part A of the Sixth Schedule of the Income Tax Ordinance 1984.