Clarification regarding exemption under section 10(15)(iic) of the Income-tax Act, etc., of 9% Relief Bonds, 1987

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.... of Finance, Department of Economic Affairs), on 17-11-1987, notified the issue of 9% Relief Bonds, 1987. This notification, regarding tax concession on these Bonds, provided as under :    (i)  Income-tax : Interest on the Bonds will be exempt from income-tax under the Income-tax Act, 1961.   (ii)  Wealth-tax : The Bonds will be exempt from wealth-ta....

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....ax in the case of an individual or a Hindu undivided family on such Relief Bonds as the Central Government may, by notification in the Official Gazette, specify in this behalf. Section 5(1)(iiid) of Gift-tax Act also provided exemption from gift-tax, subject to prescribed conditions and ceiling, in case of an individual or a Hindu undivided family, on the gift of property, in the form of such Reli....