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of <h1>Gifts in Kind Not Exempt u/s 5(1)(v) of Gift-tax Act; Only Monetary Donations Deductible Per Income-tax Act.</h1> The circular addresses the exemption under section 5(1)(v) of the Gift-tax Act, 1958, concerning gifts other than money. It clarifies that such gifts are not eligible for exemption due to Explanation 5 of section 80G of the Income-tax Act, 1961, effective from April 1, 1976. This explanation stipulates that only monetary donations qualify for deductions. Consequently, gifts in kind do not qualify for exemption under section 5(1)(v) of the Gift-tax Act. The circular instructs that this clarification be communicated to all relevant officers.
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