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of <h1>Certain Assets Designated as Long-Term Specified Assets Under Section 54EB of Income-tax Act, 1961</h1> The Central Board of Direct Taxes has designated certain assets as long-term specified assets under section 54EB of the Income-tax Act, 1961. These include shares and debentures to be issued by a specified company in Mumbai within one year from the notification date. The shares are capped at Rs. 5.09 crores and are transferable after seven years. The debentures are capped at Rs. 30.12 crores and are transferable or convertible after seven years. This specification is outlined in Notification No. S.O. 11(E) dated January 5, 1998.
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