Specified long-term securities eligibility under section 54EB: investment conditions and seven-year conversion triggering capital gains tax. Specification of eligible long-term securities under section 54EB: particular equity and preference shares and bonds and debentures issued by a named public company, to be issued within one year from the notification and subscribed out of the net consideration arising from transfer of a long-term capital asset. If the assessee transfers or converts into money the specified securities allotted to him within seven years of allotment, the initial investment shall be chargeable to tax under the head Capital gains in accordance with section 54EB.