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

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..... Exemption u/s. 5(1)(v) of the Gift-tax Act, 1958—Gift other than a sum of money. The question as to whether gifts in kind made by any person would be eligible for exemption under section 5(1)(v) of the Gift-tax Act, 1958, has been considered by the Board in consultation with the Ministry of Law. 2. The Board have been advised that a gift other than a sum of money would not be eligible for suc .....

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..... 5 thereof, it follows that exemption under section 5(1)(v) of the Gift-tax Act, 1958, would also be restricted to such gifts. 4. The above clarification may be brought to the notice of all officers working in the field. Yours faithfully, (Sd.) P.K. Chopra Under Secretary, Central Board of Direct Taxes. - Circular - Trade Notice - Public N .....

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