Relief Bonds exemption for individuals and HUFs applies to specified subscriptions, subject to government cap and initial subscriber rule. An amendment inserts a new clause into section 5(1) of the Gift tax Act conferring an exemption for property in the form of specified Relief Bonds, as notified by the Central Government, limited to transfers by individuals or Hindu undivided families and subject to an aggregate monetary cap across one or more previous years; the exemption is available only to persons who initially subscribed to the Bonds.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Relief Bonds exemption for individuals and HUFs applies to specified subscriptions, subject to government cap and initial subscriber rule.
An amendment inserts a new clause into section 5(1) of the Gift tax Act conferring an exemption for property in the form of specified Relief Bonds, as notified by the Central Government, limited to transfers by individuals or Hindu undivided families and subject to an aggregate monetary cap across one or more previous years; the exemption is available only to persons who initially subscribed to the Bonds.
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