Tax Free Municipal Bonds: exemption for Ahmedabad Municipal Corporation bonds contingent on holder registration. The Central Government specifies Tax Free Municipal Bonds to be issued by Ahemdabad Municipal Corporation for an amount of one hundred crores under sub-clause (vii) of clause (15) of Section 10, Income-tax Act. The exemption granted by that specification is conditional: the benefit shall be admissible only if the holder registers his or her name and the holding with the said Corporation.