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of <h1>Section 54EB: Long-term assets like bank deposits, bonds, and mutual funds eligible for capital gains tax exemption.</h1> The Central Board of Direct Taxes, under section 54EB of the Income-tax Act, 1961, specifies certain long-term assets eligible for capital gains exemption. These assets include deposits with the State Bank of India or its subsidiaries, nationalized banks, or cooperative banks for a minimum of seven years; bonds redeemable after seven years issued by the Housing Urban Development Corporation Limited; and mutual fund units, including those from the Unit Trust of India, repurchasable after seven years. This specification aims to facilitate reinvestment in these long-term assets to qualify for capital gains tax exemption.
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