Tax exemption for relief bonds: interest exempt and wealth and gift tax concessions affirmed for notified Relief Bonds. Interest on 9% Relief Bonds, 1987 is exempt from income-tax for individuals and Hindu undivided families where the Central Government notifies such bonds; the 17-11-1987 notification renders the Bonds specified for exemption under income-tax, wealth-tax and gift-tax laws, with wealth-tax exemption conditioned on ownership from subscription or for at least six months ending with the valuation date and gift-tax exemption for initial subscribers subject to the prescribed aggregate ceiling.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption for relief bonds: interest exempt and wealth and gift tax concessions affirmed for notified Relief Bonds.
Interest on 9% Relief Bonds, 1987 is exempt from income-tax for individuals and Hindu undivided families where the Central Government notifies such bonds; the 17-11-1987 notification renders the Bonds specified for exemption under income-tax, wealth-tax and gift-tax laws, with wealth-tax exemption conditioned on ownership from subscription or for at least six months ending with the valuation date and gift-tax exemption for initial subscribers subject to the prescribed aggregate ceiling.
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