Exemption u/s. 5(1)(v) of the Gift-tax Act, 1958—Gift other than a sum of money

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....come-tax/             All Commissioners of Gift-tax. Sir,             Subject : Exemption u/s. 5(1)(v) of the Gift-tax Act, 1958—Gift other than a sum of money. The question as to whether gifts in kind made by any person would be eligible for exemption under section 5(1)(v) o....

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....e provision of section 80G of the I.T. Act, 1961, apply". Since the provisions of section 80G would be applicable only in respect of the donation or gifts which would be a sum of money as per Explanation 5 thereof, it follows that exemption under section 5(1)(v) of the Gift-tax Act, 1958, would also be restricted to such gifts. 4. The above clarification may be brought to the notice of all offi....