Section 5
Gold Bonds not to be taken into account in certain cases.
The Gold Bonds (Immunities and Exemptions) Act, 1993
About this Act
An Act to provide for certain immunities to the subscribers of the Gold Bonds and for certain exemptions from direct taxes in relation to such Bonds and for matters connected therewith or incidental thereto.
Without prejudice to the generality
of the provisions of section 4,--
(a) the provisions of the Income-tax Act, 1961 (43 of 1961) shall not apply to--
(i) any interest accruing to the subscriber from the Gold Bonds;
(ii) any long-term capital gains arising to the subscriber;
(b) the provisions of the Gift-tax Act, 1958 (18 of 1958) shall not apply where the gift of the Gold Bonds is made by a subscriber, being an individual, to his spouse, child or parent.
(a) the provisions of the Income-tax Act, 1961 (43 of 1961) shall not apply to--
(i) any interest accruing to the subscriber from the Gold Bonds;
(ii) any long-term capital gains arising to the subscriber;
(b) the provisions of the Gift-tax Act, 1958 (18 of 1958) shall not apply where the gift of the Gold Bonds is made by a subscriber, being an individual, to his spouse, child or parent.