(1)
Where a person disposes by way of a gift, an asset acquired by him by way of a gift or any other form of gift, not being an acquisition on a devolution on death, the gains accruing from the disposal shall not be chargeable gains.
(2)
For the purpose of this section and section 36 (2) of this Act, an asset is acquired or disposed of by way of gift where no consideration is paid or received for the acquisition or disposal.