Gift exemption for non-resident Indian bonds requires a holding period before gifting to relatives and survives residence change.

Amendment inserts an exemption allowing non-resident Indian individuals to gift specified bonds to a relative provided the bonds are gifted only after the required holding period from purchase; where the individual was an NRI at acquisition and later becomes a resident, the clause applies to gifts in that subsequent year or thereafter, with "relative" and "non-resident Indian" defined by cross-reference to the Income-tax Act.

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