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of <h1>Equity and preference shares by Reliance Salgaocar Power now long-term securities under Section 54EA, Income-tax Act.</h1> The Central Board of Direct Taxes has designated equity and preference shares issued by M/s Reliance Salgaocar Power Company Limited as long-term specified securities under section 54EA of the Income-tax Act, 1961. These shares must be issued within one year from the notification date, with a maximum issuance of twenty-eight crores rupees each. Investments must be made from net consideration from the transfer of long-term capital assets. If these shares are transferred or converted within three years of allotment, the initial investment will be taxed as capital gains.
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