- TG Team
- | Income Tax - Circulars- Notifications/Circulars |
- 02 Jun 1981
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Whether gifts in kind are eligible for exemption under clause (v) of sub-section (1)
1. Attention is invited to Circular No. 284, dated 13-10-1980 issued by the Board from F. No. 340/9/80-GT [Annex] on the above subject.
2. On reconsideration of the matter, Circular, dated 13-10-1980 stands withdrawn. In other words, exemption under section 5(1)(v) is not confined to donations in cash/money only but is applicable to all types of properties, movable or immovable.
Circular : No. 304 [F. No. 331/12/80-GT], dated 2-6-1981.
Tags: Income Tax Notifications
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