Section 5 in The Gold Bonds (Immunities And Exemptions) Act, 1993
5. Gold Bonds not to be taken into account in certain cases.
Without prejudice to the generality of the provisions of section 4,-(a)the provisions of the Income-tax Act, 1961 (43 of 1961) shall not apply to-(i)any interest accruing to the subscriber from the Gold Bonds;(ii)any long-term capital gains arising to the subscriber;(b)the provisions of the Gift-tax Act, 1958 (18 of 1958) shall not apply where the gift of the Gold Bonds is made by a subscriber, being an individual, to his spouse, child or parent.
