Public sector bonds designation enables wealth-tax benefit for specified debentures; transferee must notify issuer within sixty days. Central Government notification specifies certain secured, redeemable, non-convertible debentures issued by public enterprises as public sector bonds for clause (xvie) of section 5(1) of the Wealth-tax Act. The tax benefit is subject to a condition that, on transfer of such bonds, the transferee must inform 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.
Public sector bonds designation enables wealth-tax benefit for specified debentures; transferee must notify issuer within sixty days.
Central Government notification specifies certain secured, redeemable, non-convertible debentures issued by public enterprises as public sector bonds for clause (xvie) of section 5(1) of the Wealth-tax Act. The tax benefit is subject to a condition that, on transfer of such bonds, the transferee must inform the issuing company by registered post within sixty days of the transfer.
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