Long-term specified securities under section 54EA: bonds qualify, conversion within three years treated as capital gains. The Central Board of Direct Taxes specifies bonds issued by Infrastructure Leasing and Financial Services Limited as long-term specified securities under section 54EA, permitting issuance within one year subject to an aggregate cap and conditioning eligibility on investment of the assessee's net consideration from transfer of a long-term capital asset; if the assessee transfers or converts the allotted bonds into money within three years of allotment, the initial investment shall be chargeable to tax as capital gains.