Exemption u/s. 5(1)(v) of the Gift-tax Act, 1958--Gift other than a sum of money - Income Tax - 304/1981

Exemption u/s. 5(1)(v) of the Gift-tax Act, 1958--Gift other than a sum of money Circular No. 304 Dated 2/6/1981 To All Commissioners of Income-tax/ All Commissioners of Gift-tax. Sir, Subject : Exemption u/s. 5(1)(v) of the Gift-tax Act, 1958--Gift other than a sum of money. Attention is invited to Circular No. 284 dated 13-10-80 ([1981] 131 ITR (St.) 64) issued by the Board from F.No. 340/9/80-GT on the above subject. 2. On a reconsideration of the matter, circular dated 13-10-80 stands withdrawn. In other words, exemption u/s. 5(1)(v) of the Gift-tax Act is not confined to donations in cash/money only but is applicable to all types of properties, movable or immovable. Yours faithfully, (Sd.) R.N. Dave Officer on Special Duty Central Board of Direct Taxes.