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of <h1>Indian Government Grants Wealth Tax Benefit for IPCL Bonds Under Section 5 of Wealth-tax Act, 1957</h1> The notification specifies '7-year 13% (taxable) Secured Redeemable Non-Convertible IPCL Bonds' issued by the Indian Petrochemical Corporation Limited, as per the powers granted under clause (xvie) of sub-section (1) of section 5 of the Wealth-tax Act, 1957. The Central Government declares these bonds for the purpose of the specified clause, allowing the wealth tax benefit. However, the benefit is applicable only if the transferee informs the corporation of the transfer by registered post within sixty days. The notification is signed by the Under Secretary to the Government of India, with reference number 328/21/89-WT.
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