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of <h1>Central Government Lists Wealth Tax-Exempt Bonds Under Section 5(1)(xvie) of Wealth-tax Act, 1957 for Specific Public Sector Bonds</h1> The Central Government, under section 5(1)(xvie) of the Wealth-tax Act, 1957, specifies certain public sector bonds exempt from wealth tax. These include the '10-year 9% tax-free Secured Redeemable Non-Convertible Bonds' by Power Finance Corporation Limited and the '7-year 13% Secured Redeemable Non-Convertible Bonds (B-series)' by Indian Telephone Industries Limited, Bangalore. The tax benefit applies only if the transferee notifies the issuing company by registered post within sixty days of transfer.
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