Specified public sector bonds carry wealth tax benefit, subject to transferee notifying the issuer by registered post after transfer. The Central Government specifies two classes of secured redeemable non-convertible bonds issued by the National Hydroelectric Power Corporation Ltd as debentures for the purposes of clause (xvie) of section 5(1) of the Wealth-tax Act, 1957: 10 year tax free 9% (B series) and 7 year 13% (B series). The tax benefit on transfer of these debentures is admissible only if the transferee informs the issuing company by registered post within sixty days of the transfer.
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 public sector bonds carry wealth tax benefit, subject to transferee notifying the issuer by registered post after transfer.
The Central Government specifies two classes of secured redeemable non-convertible bonds issued by the National Hydroelectric Power Corporation Ltd as debentures for the purposes of clause (xvie) of section 5(1) of the Wealth-tax Act, 1957: 10 year tax free 9% (B series) and 7 year 13% (B series). The tax benefit on transfer of these debentures is admissible only if the transferee informs the issuing company by registered post within sixty days of the transfer.
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