Amendment of section 5

Section 41 of the Finance Act, 1993 deals with amendment of section 5. 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 ou

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]

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Section 41, The Finance Act, 1993 (Act 38 of 1993).