Notification: S. O. 274(E)
Section(s) Referred: s. 54EB(1)
Statute: INCOME TAX
Date of Issue: 1/4/1998
In exercise of the powers conferred by sub-section (1) of section 54EB of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby specifies shares to be issued within a period of one year from the date of publication of this notification in the Official Gazette of an amount not exceeding Rs. 110 crores by M/s. Infrastructure Development Finance Company Limited, a public company registered under the Indian Companies Act, 1956, and having its registered office at C/o HDFC Limited, ITC Centre, 2nd Floor, 760, Anna Salai, Chennai-600 002:
Provided that the investment in the aforesaid shares is made by an assessee out of his income chargeable under the head “Capital gains” arising out from transfer of long-term capital asset:
Provided further in case the assessee transfers the aforesaid shares allotted to him in any manner within a period of seven years from the date of their allotment the initial investment made by such assessee in the aforesaid shares shall be chargeable to tax under the head “Capital gains” in accordance with the provisions of sub-section (2) of section 54EB of the Income-tax Act, 1961.
[Notification No. 10569/F. No. 178/137/97-ITA-I]