1. The social formation of feudalism was the characteristic of the medieval society in India.
2. Feudal features listed by historian R.S. Sharma are: royal grants of land; transfer of fiscal and judicial rights to the beneficiaries;
3. The grant of their rights over peasants, artisans and merchants; an increased incidence of forced labour; appropriation of surplus by the state;
4. A decline in trade and coinage; payment of officials through land revenue assignments; and the growth of the obligations of the samantas (subordinate or feudatory rulers).

1. Nitisara, written by Kamandaka, is a text like Arthasastra.
2. It emphasises the importance of the royal treasury and mentions various sources of revenue.
3. The many ambitious military campaigns of kings like Samudragupta must have been financed through revenue surpluses.
4. Gupta inscriptions reveal some details about the revenue department. The akshapataladhikrita was the keeper of royal records.

1. Guild is a society or other organisation of people with common interests or an association of merchants.
2. There are several references in several sources to artisans, traders and occupational groups in the guilds.
3. Guilds continued as the major institution in the manufacture of goods and in commercial enterprise.
4. The Narada and Brihaspati Smritis describe the organisation and activities of guilds.
5. They mention that the guild had a chief and two, three or five executive officers.
6. Guild laws were apparently laid down in written documents. The Brihaspati Srnriti refers to guilds rendering justice to their members and suggests that these decisions should, by and large, be approved by the king.

Types of Tenures	Nature of Holding
Nividharma	Endowment of land under a kind of trusteeship was prevalent, in North and Central India and Bengal.
Nividharma aksayana	A perpetual endowment. The recipient could make use of income derived from it.
Aprada dharma	Income from land could be enjoyed, but the recipient is not permitted to gift it to anyone. The recipient has no administrative rights either.
Bhumichchi dranyaya	Right of ownership acquired by a person making barren land cultivable for the first time. This land was free from any rent liability.
Agrahara grants	Given to Brahmins, it was perpetual, hereditary and tax free.
Devagrahara grants	A land grant in favour of a Brahmin as well as gifts to merchants for the repair and worship of temples.
Secular grants	Grants made to feudatories of Guptas.

1. The Gupta kingdom emerged as a great power and achieved the political unification of a large part of the Indian subcontinent.
2. It featured a strong central government, bringing many kingdoms under its hegemony.
3. Feudalism as an institution began to take root during this period.
4. With an effective guild system and overseas trade, the Gupta economy boomed.
5. Great works in Sanskrit were produced during this period and a high level of cultural maturity in fine arts, sculpture and architecture was achieved.
6. The living standards of upper classes reached a peak.
7. Education, art and study of science progressed, but the feudal system of governance put people in some form of hardship.
8. Although some historians proclaim that Gupta period was a golden age.