Definition of 'relatives'. - Income Tax - 464/CBDT

INSTRUCTION NO. 464/CBDT October 9, 1972 Section(s) Referred: 11 ,12A ,80G Statute: Income - Tax Act, 1961 Board's Instruction No. 367 F.No. 176/47/70-IT(AI) dated 3-1-1972 on the above subject have been reviewed by the Board in the light of introduction of Section 12A and enlarged definition of 'relatives' under section 13(3) by Finance Act, 1972. It has been decided as under:- (a) The renewals of exemption certificates should also be made only for one year instead of 3 years as mentioned in para 2 of Board's instruction. (b) In view of the enlarged definition of 'relatives' instead of the Chartered Accountants, the trustees jointly may be required to file a certificate to the effect that the provisions of section 13(1)(c) of Income-tax Act, 1961 have not been infringed by the trust.