Section 67 - Amendment of section 5 - Finance Act, 1988

Gift-tax 67. Amendment of section 5 In section 5 of the Gift-tax Act, 1958 (18 of 1958), (hereinafter referred to as the Gift-tax Act), in sub-section (1), after clause (iiic), the following clause shall be inserted, namely :- (iiid) being an individual or a Hindu undivided family, of property in the form of such Relief Bonds, as the Central Government may, by notification in the Official Gazette, specify in this behalf subject to a maximum of rupees five lakhs in value in the aggregate in one or more previous years : Provided that the exemption conferred by this clause shall be available only to a person who has initially subscribed to the said Bonds; .