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Notification: S. O. 181(E)
Section(s) Referred: s. 54EB(1)
Statute: INCOME TAX
Date of Issue: 23/3/1999
In exercise of the powers conferred by sub-section (1) of section 54EB of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies the following assets, referred to as the long-term specified assets, for the purposes of the said section, namely:—
(i) deposits for a period of not less than seven years with the State Bank of India established under the State Bank of India Act, 1955 (23 of 1955), or any subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), or any nationalised bank, that is to say, any corresponding new bank, constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, or any co-operative society engaged in carrying on the business of banking including a co-operative land mortgage bank or co-operative land development bank ;
(ii) all bonds, redeemable after a period of seven years, issued or to be issued by the Housing Urban Development Corporation Limited, New Delhi ;
(iii) all units repurchasable after a period of seven years, issued or to be issued by any mutual fund including the Unit Trust of India referred to in clause (23D) of section 10 of the Income-tax Act, 1961.
[Notification No. 10833/F. No. 178/15/99-ITA-I]
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