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          <h1>Section 5 of Gift-tax Act Amended: New Exemptions for Non-Resident Gifts and Foreign Exchange Effective April 1, 1983.</h1> In the Gift-tax Act, 1958, section 5 is amended effective April 1, 1983. New clauses are added to exempt certain gifts from tax. Clause (iib) exempts gifts from non-residents using funds from a Non-resident (External) Account in India. Clause (iic) exempts gifts of convertible foreign exchange from Indian citizens or persons of Indian origin residing outside India to relatives in India. Clause (iid) exempts gifts of specified savings certificates purchased with foreign exchange. Clause (iiic) exempts gifts of Capital Investment Bonds, with a maximum value of ten lakhs, provided the donor initially subscribed to the bonds.

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