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of <h1>CBDT Designates Kirloskar Bonds as Long-Term Securities u/s 54EB; Conditions Apply for Capital Gains Tax Exemption.</h1> The Central Board of Direct Taxes (CBDT) has designated certain bonds as long-term specified securities under Section 54EB of the Income-tax Act, 1961. These bonds, issued by Kirloskar Power Supply Company Ltd., can be issued within one year from the notification date, with a total amount not exceeding 30 crores rupees. Investments in these bonds must be made from the net consideration of transferring a long-term capital asset. If the bonds are transferred or converted into money within seven years from allotment, the initial investment will be taxed as capital gains.
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