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of <h1>Tax-Free PFC Bonds Recognized for Wealth Tax Benefits Under Section 5(1)(xvie) of Wealth-tax Act, 1957</h1> The notification specifies the '10-year-9% (tax-free) Secured Redeemable Non-Convertible PFC Bonds-II Series (Private Placement)' issued by the Power Finance Corporation Limited under the Wealth-tax Act, 1957. These bonds are recognized for wealth tax benefits under clause (xvie) of sub-section (1) of section 5. The tax benefits apply to bond transfers only if the transferee notifies the Power Finance Corporation by registered post within sixty days of the transfer. This notification is issued by the Central Government, with Nutan Sharma as the Under Secretary to the Government of India.
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