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.