Section 42 - Amendment of section 5 - Finance Act, 1983

Gift-tax 42. Amendment of section 5 In section 5 of the Gift-tax Act, 1958 (18 of 1958), in sub-section (1), - (a) in clause (iid) [directed to be inserted by clause (a) of section 38 of the Finance Act, 1982 (14 of 1982)], for the portion beginning with the words savings certificates and ending with the words rules made thereunder , the following shall be substituted with effect from the 1st day of April, 1984, namely :- any foreign exchange asset as defined in clause (b) of section 115C of the Income-tax Act ; (b) in clause (iiic) [directed to be inserted by clause (b) of section 38 of the Finance Act, 1982 (14 of 1982)], for the words of property in the form of such Capital Investment Bonds , the words being an individual or a Hindu undivided family, of property in the form of such Capital Investment Bonds shall be substituted.