Investment limit in specified long-term bonds caps annual eligible investment, and revised definition narrows qualifying bonds for exemption. Amendment limits the amount an assessee may invest in long-term specified assets in any financial year by inserting an investment cap and revises the ... Summary
Investment limit in specified long-term bonds caps annual eligible investment, and revised definition narrows qualifying bonds for exemption.
Amendment limits the amount an assessee may invest in long-term specified assets in any financial year by inserting an investment cap and revises the definition of "long-term specified asset" to confine qualifying three-year redeemable bonds to those issued by notified issuers within specified periods, while deeming previously notified bonds to remain qualified under transitional provisions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.