Long-term specified asset designation expands tax-saving bond eligibility; IRFC bonds redeemable after three years qualify for reinvestment relief. The Central Government notifies that bonds issued by the Indian Railway Finance Corporation Limited and redeemable after three years are to be treated as long-term specified asset for the purposes of the Explanation to section 54EC of the Income-tax Act, applying to bonds issued on or after the date of the notification and thereby enabling their use for capital gains reinvestment relief.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Long-term specified asset designation expands tax-saving bond eligibility; IRFC bonds redeemable after three years qualify for reinvestment relief.
The Central Government notifies that bonds issued by the Indian Railway Finance Corporation Limited and redeemable after three years are to be treated as long-term specified asset for the purposes of the Explanation to section 54EC of the Income-tax Act, applying to bonds issued on or after the date of the notification and thereby enabling their use for capital gains reinvestment relief.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
