# The Finance Act, 1993, Section 41: Amendment of section 5

- Act: The Finance Act, 1993 (Act 38 of 1993)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1993/section/41/

## Text

Gift-tax Amendment of section 5. 41. In section 5 of the Gift-tax Act, 1958 (18 of 1958.) (hereinafter referred to as the, Gift-tax Act),— (a) in sub-section (1),— (i) after clause (iid), the following clause shall be inserted, namely:— (iie) being an individual who is a non-resident Indian, once out of the moneys standing to his credit in an account opened and operated in accordance with the Non-resident (Non-repatriable) Rupee Deposit Scheme, 1992. Explanation.—For the purposes of this clause, "nonresident Indian" shall have the meaning assigned to it in clause (e) of section 115C of the Income-tax Act;'; (ii) in clause (vti), for the words "ten thousand", the words "thirty thousand" shall be substituted with effect from the 1st day of April, 1994; (b) in sub-section (2), for the words "twenty thousand", the words "thirty thousand" shall be substituted with effect from the 1st day of April, 1994. [Finance Act, 1993] © Copyright. Taxmann Publications Pvt. Ltd.

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