Section 80 - Amendment of section 5 - Direct Tax Laws (Amendment) Act, 1989

80. Amendment of section 5. In section 5 of the Gift-tax Act, in sub-section (1), after clause (iiid), the following clause shall be inserted, namely :- (iiie) being an individual who is a non-resident Indian, to any relative, of property in the form of the bonds specified under sub- clause (id) of clause (15) of section 10 of the Income-tax Act: Provided that the exemption conferred by this clause shall be available only if the gift of such bonds is made after a period of three years from the date of their purchase; Provided further that where an individual, who is a non-resident Indian in any previous year in which the bonds are acquired, becomes a resident in India in any subsequent year, the provisions of this clause shall apply in respect of the gifts of property referred to in this clause in such subsequent year or any year thereafter. Explanation .- For the purposes of this clause, the expressions- (a) relative shall have the meaning assigned to it in clause (41) of section 2 of the Income-tax Act; (b) non-resident Indian shall have the meaning assign- ed to it in clause (e) of section 115C of the Income-tax Act; .