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Period for making investment in 54EC bonds extended and bonds of REC and NHAI to be available from 1st July.
July, 01st 2006

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION
New Delhi, the 29th June,2006

S.O.963 (E)- In exercise of the powers conferred by sub clause (i) of clause (b) of the Explanation to Section  54EC of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies the bonds for an amount of Rupees one thousand five hundred crores (redeemable after three years) to be issued by the National Highways Authority of India constituted under Section 3 of the National Highways Authority of India Act, 1988 (68 of 1988) during the financial year 2006-2007 as 'long term specified asset' for the purposes of the said section.

[Notification No 142/2006/F No 142/09/2006.TPL]
SHARAT CHANDRA, Director

NOTIFICATION
New Delhi, the 29th June,2006

S.O.964 (E)- In exercise of the powers conferred by sub clause (ii) of clause (b) of the Explanation to Section 54EC of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies the bonds for an amount of Rupees four thousand five hundred crores (redeemable after three years) to be issued by the   Rural Electrification  Corporation  Limited, a  company formed and registered under the Companies Act,1956 (1 of 1956) during the financial year 2006-2007 as 'long term specified asset'  for the purposes of the said section.


[Notification No 143/2006/F No 142/09/2006.TPL]
SHARAT CHANDRA, Director
F.NO.142/09/2006- TPL
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, the 30th June 2006

Order under section 119(2)(c) the Income-tax Act, 1961

1. Section 54EC of the Income-tax Act, 1961 provides that the capital gain arising from the transfer of a long  term  capital  asset shall  not  be  charged  to  tax  to  the  extent  such  gains are invested  in  'long  term  specified  asset'  within  a  period  of six months after the date of such transfer.

2. Prior  to  the  amendment  to  section  54EC by   the Finance   Act,   2006,   'long   term specified   asset'   for   the   purposes   of  said  section means any bond redeemable after three years and issued by the  National Bank  for  Agriculture and Rural Development ( NABARD), National  Highways  Authority  of  India (NHAI),  Rural Electrification  Corporation Limited (REC), National  Housing  Bank  (NHB),  or  Small  Industries Development  Bank  of  India (SIDBI).

3. However, after the amendment to the said section by the Finance Act,2006, 'long term specified   asset'   means any bond, redeemable after three  years  and  issued  on  or     after 1.4.2006   by   NHAI    and   REC  and notified  by the Central Government  in the   Official Gazette   for  the  purposes of the said section.It has been reported  by NHAI and  REC that consequent upon  this   amendment  proposed by  the Finance Bill, 2006, issue of old bonds was closed on 29.3.2006.

4. Bonds of NHAI and REC  under the amended provision of section    54EC have been notified by the Central Government vide Notification S.O. 963(E) and S.O. 964 (E)   dated 29.06.2006  for Rs. 1,500  crores  and Rs.  4,500  crores respectively  to  be    issued during financial  year  2006-07.  It has been  informed by REC  and NHAI that these bonds will be issued from 1st July, 2006 and 20th July, 2006 respectively.

5. It has been   brought  to the notice  of the    Central Board  of Direct Taxes that   some persons  could  not  avail  of  the  benefit  under  section  54EC of  the  Income -tax  Act  on account of non availability of the capital   gain bonds.   Further, for   some   other    persons the effective  time  available  for making  the investment  is  less than  six  months  because of non availability of these bonds.

6. With a view to removing the hardship caused to the taxpayers, the Central Board of Direct Taxes,  in  exercise  of powers  conferred  by clause (c) of sub section  (2)  of   section 119   of the Income- tax Act, 1961, hereby orders that the limitation of six months  for  making   the investment  under  section  54EC  of capital gains  arising from the transfer of a long  term   capital asset, is extended

(i) upto 30th September, 2006 in case of persons where the long term capital asset was transferred between 29.09.2005 and 31.12.2005 (both dates inclusive) ;
(ii) upto 31st December, 2006 in case of persons where the long term capital asset was transferred between 01.01.2006 and 30.06.2006 (both dates inclusive);

(Sharat Chandra)
Director
Government of India

Copy to
(i) National Highways Authority of India.
(ii) Rural Electrification Corporation Limited
(iii) The Chairman, Members and all other officers in the CBDT of the rank of Under Secretary and above.
(iv) The DIT(RSP & PR), New Delhi for printing in the quarterly tax bulletin and for circulation as per usual mailing list.
(v) The Comptroller and Auditor General of India (40 capies)
(vi) The DGIT (Vigilance), New Delhi.
(vii) The Joint Secretary and Legal Advisor, Ministry of Law & Justice, New Delhi
(viii) Director General of Income-tax, NADT, Nagpur.

(Sharat Chandra)
Director (TPI-IV)

 
 
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