Gift-tax exemption for National Defence Gold Bonds limited to initial subscribers under a yearly gold weight cap. Amendment inserts a new exemption into section 5(1) of the Gift-tax Act, 1958, providing a gift-tax exemption for property in the form of National Defence ... Summary
Gift-tax exemption for National Defence Gold Bonds limited to initial subscribers under a yearly gold weight cap.
Amendment inserts a new exemption into section 5(1) of the Gift-tax Act, 1958, providing a gift-tax exemption for property in the form of National Defence Gold Bonds, 1980, limited by an aggregate annual gold-weight cap and available only to the person who initially subscribed to those Bonds.
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