• search

Capital gains tax exemptions on NABARD, housing bank bonds withdrawn

Written by: Staff

New Delhi, Mar 30 (UNI) Tax exemptions from the long-term capital gains invested, on or after April one, 2006 will not be available, in regard to the bonds of the National Bank for Agriculture and Rural Development (NABARD), National Housing Bank and Small Industries Development Bank of India.

The exemption, would now be available only on the long-term capital gains invested, on or after April one this year, in the bonds of the Rural Electrification Corporation Ltd and the National Highways Authority of India, the government clarified today.

Under the provisions of section 54 EC of the Income-tax Act, long-term capital gains were exempt from tax if such gains were invested in the bonds issued by the National Bank for Agriculture and Rural Development, Rural Electrification Corporation Ltd, National Housing Bank, Small Industries Development Bank of India, or National Highways Authority of India.

The Finance Bill, 2006 has proposed to amend the provisions of this section so as to restrict such investment to the two entities in rural electrification and highway construction. However, these bonds have to be notified by the Central Government.


For Daily Alerts

For Breaking News from Oneindia
Get instant news updates throughout the day.

Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more