Section 41 - Amendment of section 5 - Finance Act, 1993

Gift-tax 41. Amendment of section 5 In section 5 of the Gift-tax Act, 1958 (18 of 1958) (hereinafter referred to as the Gift-tax Act), - (a) in sub-section (1), - (i) after clause (iid), the following clause shall be inserted, namely :- (iie) being an individual who is a non-resident Indian, once out of the moneys standing to his credit in an account opened and operated in accordance with the Non-resident (Non-repatriable) Rupee Deposit Scheme, 1992. Explanation : For the purposes of this clause, non-resident Indian shall have the meaning assigned to it in clause (e) of section 115C of the Income-tax Act; ; (ii) in clause (vii), for the words ten thousand , the words thirty thousand shall be substituted with effect from the 1st day of April, 1994; (b) in sub-section (2), for the words twenty thousand , the words thirty thousand shall be substituted with effect from the 1st day of April, 1994.