Specified debentures under wealth tax clause require transferee notice to issuer within sixty days to retain tax benefit. The notification designates two categories of secured redeemable NTPC bonds as specified debentures for clause (xvie) of section 5(1) of the Wealth tax Act, making them eligible for the clause's tax treatment. It conditions availability of the benefit on the transferee's fulfilment of a notice requirement: following transfer by endorsement or delivery, the transferee must inform the issuing corporation by registered post within sixty days to retain the benefit.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Specified debentures under wealth tax clause require transferee notice to issuer within sixty days to retain tax benefit.
The notification designates two categories of secured redeemable NTPC bonds as specified debentures for clause (xvie) of section 5(1) of the Wealth tax Act, making them eligible for the clause's tax treatment. It conditions availability of the benefit on the transferee's fulfilment of a notice requirement: following transfer by endorsement or delivery, the transferee must inform the issuing corporation by registered post within sixty days to retain the benefit.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
