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of <h1>Gift-tax Act Amended: 'Savings Certificates' Replaced with 'Foreign Exchange Asset' & Capital Investment Bonds Exemption Clarified.</h1> Section 5 of the Gift-tax Act, 1958, is amended by the Finance Act, 1983. In sub-section (1), clause (iid) is revised to replace the reference to 'savings certificates' with 'any foreign exchange asset' as defined in the Income-tax Act, effective April 1, 1984. Additionally, clause (iiic) is amended to specify that the exemption applies to individuals or Hindu undivided families holding property in the form of Capital Investment Bonds.
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