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Bare acts > Remittances of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act, 1991 > Section 7
 
  


 

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.

 

 

 

 

 

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