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of <h1>Certain Equity Shares Designated as Long-Term Specified Securities Under Section 54EB of Income-tax Act, 1961</h1> The Central Board of Direct Taxes has designated certain equity shares as long-term specified securities under section 54EB of the Income-tax Act, 1961. These shares are to be issued by Information Technology Park Ltd., a public company, within one year from the notification date, with a cap of 100 crores INR. Investments must be made from the net consideration of a long-term capital asset transfer. If the shares are transferred or converted into money within seven years of allotment, the initial investment will be taxed as capital gains.
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