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Direct Tax Amendments proposed in the Finance Bill 1999

  

 

GOLD DEPOSIT SCHEME

It is proposed to exclude the Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 from the definition of capital assets so as to exempt the capital gains arising from their transfer or redemption.

It is proposed to amend clause (15) of section 10 so as to provide that the interest on Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 shall not be included in computing the total income.

It is proposed to amend section 2 of the Wealth-tax Act by inserting an Explanation to clause . This is to clarify that jewellery does not include the Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 notified by the Central Government.

The proposed amendment will take effect from 1st April, 2000, and will accordingly, apply in relation to assessment year 2000-2001 and subsequent years.