Tax-free bond specification permits wealth-tax benefit on specified secured non-convertible bonds, subject to transferee notice requirement. The Central Government designates secured, redeemable, non-convertible tax-free bonds issued by the Indian Railway Finance Corporation Limited as qualifying for the wealth-tax benefit under the Wealth-tax Act; the benefit on transfer by endorsement or delivery is admissible only if the transferee notifies the issuing Corporation by registered post within sixty days of 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.
Tax-free bond specification permits wealth-tax benefit on specified secured non-convertible bonds, subject to transferee notice requirement.
The Central Government designates secured, redeemable, non-convertible tax-free bonds issued by the Indian Railway Finance Corporation Limited as qualifying for the wealth-tax benefit under the Wealth-tax Act; the benefit on transfer by endorsement or delivery is admissible only if the transferee notifies the issuing Corporation by registered post within sixty days of transfer.
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