Gift-tax exemption for gifts by non-resident Indians and persons of Indian origin of foreign exchange, specified savings certificates, capital bonds. Amendment to section 5 adds exemptions for gifts by persons resident outside India and by citizens of India or persons of Indian origin not resident in India: (iib) gifts from balances in Non-resident (External) Accounts; (iic) gifts of convertible foreign exchange remitted from abroad to relatives in India with definitions for person of Indian origin, convertible foreign exchange, relative and resident; (iid) gifts of specified Central Government savings certificates subscribed in convertible foreign exchange; and (iiic) gifts of specified Capital Investment Bonds subject to a notified aggregate ceiling and available only to initial subscribers.
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Provisions expressly mentioned in the judgment/order text.
Gift-tax exemption for gifts by non-resident Indians and persons of Indian origin of foreign exchange, specified savings certificates, capital bonds.
Amendment to section 5 adds exemptions for gifts by persons resident outside India and by citizens of India or persons of Indian origin not resident in India: (iib) gifts from balances in Non-resident (External) Accounts; (iic) gifts of convertible foreign exchange remitted from abroad to relatives in India with definitions for person of Indian origin, convertible foreign exchange, relative and resident; (iid) gifts of specified Central Government savings certificates subscribed in convertible foreign exchange; and (iiic) gifts of specified Capital Investment Bonds subject to a notified aggregate ceiling and available only to initial subscribers.
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