Circular No. 304-Income Tax dated 2-6-1981

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 On reconsideration of the matter, Circular, dated 13-10-1980 stands withdrawn.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.