Section 7 of the Remittances of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act, 1991 – Foreign Exchange Bonds not to be taken into account in certain cases

Home › The Remittances of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act, 1991 › Chapter III – Investment in foreign exchange bonds

Section 7: Foreign Exchange Bonds not to be taken into account in certain cases

Without prejudice to the generality of the provisions of section 6,–

  • (a) the provisions of the Income-tax Act, 1961 (43 of 1961) shall not apply to any interest accruing in relation to the Foreign Exchange Bonds;
  • (b) the provisions of the Wealth-tax Act, 1957 (27 of 1957) shall not apply in relation to the Foreign Exchange Bonds;
  • (c) the provisions of the Gift-tax Act, 1958 (18 of 1958) shall not apply where any non-resident Indian becomes a resident in India and makes a gift of the Foreign Exchange Bonds.

Source: official text of The Remittances of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act, 1991 as published on India Code (PDF). All sections of the Remittances of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act, 1991.

Related posts:

  1. Comparison of Section of New Income Tax Bill Vs Old Income Tax Act
  2. INCOME-TAX ACT 1961
  3. Section 6 of the Remittances of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act, 1991 – Immunities
  4. The Remittances of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act, 1991 – All Sections