Clarification regarding exemption under section 10(15)(iic) of the Income-tax Act, etc., of 9% Relief Bonds, 1987

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..... on 17-11-1987, notified the issue of 9% Relief Bonds, 1987. This notification, regarding tax concession on these Bonds, provided as under : (i) Income-tax : Interest on the Bonds will be exempt from income-tax under the Income-tax Act, 1961. (ii) Wealth-tax : The Bonds will be exempt from wealth-tax under Wealth-tax Act, if the Bonds are owned from the date on which the bonds are subscribe .....

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..... by notification in the Official Gazette, specify in this behalf. Section 5(1)(iiid) of Gift-tax Act also provided exemption from gift-tax, subject to prescribed conditions and ceiling, in case of an individual or a Hindu undivided family, on the gift of property, in the form of such Relief Bonds as the Central Government may, by notification in the Official Gazette, specify in this behalf. 3. It .....

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