Long-term specified securities under section 54EA permit reinvestment from net consideration but trigger seven-year capital gains recapture. Central Board of Direct Taxes designates equity shares issued by M/s ASC Enterprises Limited as long-term specified securities under section 54EA, subject to issuance within prescribed one- and two-year periods and investment being made out of the net consideration from transfer of a long-term capital asset. If the specified shares or investments are transferred or converted within seven years of allotment, the initial investment will be taxable as Capital Gains under the said section.