Gift-tax exemption for non-monetary gifts clarified to cover movable and immovable property under the statute. Exemption under Section 5(1)(v) of the Gift-tax Act is not confined to cash donations and applies to all types of property, movable or immovable; the Board has withdrawn prior guidance limiting the exemption to monetary gifts and instructs Commissioners to apply the exemption to non-monetary transfers in administration.
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Provisions expressly mentioned in the judgment/order text.
Gift-tax exemption for non-monetary gifts clarified to cover movable and immovable property under the statute.
Exemption under Section 5(1)(v) of the Gift-tax Act is not confined to cash donations and applies to all types of property, movable or immovable; the Board has withdrawn prior guidance limiting the exemption to monetary gifts and instructs Commissioners to apply the exemption to non-monetary transfers in administration.
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