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of <h1>New Bonds by IL&FS Designated as Long-Term Specified Securities under Section 54EB; Tax Implications on Early Conversion.</h1> The Central Board of Direct Taxes has designated certain bonds as long-term specified securities under Section 54EB of the Income-tax Act, 1961. These bonds, issued by Infrastructure Leasing and Financial Services Limited, are capped at 50 crores and must be issued within one year from the notification's publication date. Investments in these bonds should be made from the net consideration of a long-term capital asset transfer. If the bonds are transferred or converted into money within seven years of allotment, the initial investment will be taxed as capital gains.
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