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of <h1>CBDT Designates Certain Shares and Debentures as Long-Term Specified Securities Under Section 54EB of Income-tax Act</h1> The Central Board of Direct Taxes has designated certain equity and preference shares and debentures as long-term specified securities under section 54EB of the Income-tax Act, 1961. This includes debentures issued by a public company, Adani Infrastructure Services Ltd., with a cap of Rs. 30 crores, which must be held for at least seven years post-allotment. Investments in these securities must be made from the net consideration of a long-term capital asset transfer. If these securities are transferred or converted into money within seven years, the initial investment will be taxed as capital gains.
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