NEW DELHI: Sastra university while welcoming Finance Minister Arun Jaitley’s announcement on launching gold monetisation and sovereign gold bond schemes and India gold coins has requested him to clarify whether such investments will be covered under Section 11 (5) of the Income Tax Act.
In a letter addressed to Jaitley, dean of Sastra, S. Vaidhyasubramaniam said as per the announcement “the bonds will be restricted for sale to resident Indian entities including individuals, HUFs, trusts, universities, charitable institutions. He pointed out that trusts, universities and charitable institutions registered under Section 12A of the IT Act are restricted by Section 11 (5) of the Act.
Hence he sought a clarification from the Finance Ministry.
Download the all new Deccan Chronicle app for Android and iOS to stay up-to-date with latest headlines and news stories in politics, entertainment, sports, technology, business and much more from India and around the world.
