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of <h1>National Defence Gold Bonds 1965: Redeem Tax-Free, But Subsequent Gold Sales May Trigger Capital Gains Tax.</h1> The Government of India issued National Defence Gold Bonds in 1965, redeemable after 15 years, starting October 27, 1980. Upon redemption, exchanging these bonds for gold does not incur capital gains tax. However, any subsequent sale, exchange, or transfer of the gold is subject to capital gains tax. The acquisition cost for capital gains computation is the market value of the bonds on the redemption date. Whether the gains are short-term or long-term depends on the period between the redemption date and the subsequent sale of the gold, with assets held for more than 36 months considered long-term.
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