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of <h1>India's 9% Relief Bonds, 1987: Tax Exemptions on Income, Wealth, and Gifts Explained Under 1987 Notification.</h1> The Government of India issued a notification on 17-11-1987 concerning 9% Relief Bonds, 1987, granting tax exemptions. Interest on these bonds is exempt from income tax under the Income-tax Act, 1961. The bonds are also exempt from wealth tax if held for at least six months or from the subscription date. Gifts of these bonds by initial subscribers are exempt from gift tax up to Rs. 5 lakhs. The circular clarifies that these exemptions are applicable under the specified sections of the Income-tax, Wealth-tax, and Gift-tax Acts, as per the notification dated 17-11-1987.
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