Notification: S.O.3998
Section(s) Referred: 80L ,80L(1) ,80L(1)(ii)
Statute: INCOME TAX
Date of Issue: 10/10/1977
In exercise of the powers conferred by clause (ii) of sub-section (1) of section 80L, and clause (iib) of the proviso to section 193 of the Income-tax Act, 1961 (43 of 1961), and clause (xxiv) of sub-section (1) of section 5 of the Wealth-tax Act, 1957 (27 of 1957), the Central Government hereby specifies the debentures issued by the State Electricity Boards, the Agro Industries Corporations, Housing Boards (for rural housing), Co-operative Processing and Marketing Societies and other approved State sponsored institutions between 1st January, 1977, and 31st December, 1981, in pursuance of any scheme for raising resources in rual arreas, for the purpose of the said clauses :
Provided that such debentures satisfy the following conditions, namely :–
(i) they are not guaranteed by any Government as to the repayment of the principal or payment of interst ;
(ii) they are issued only to individuals including two or more individuals jointly ;
(iii) they are issued subject to the condition that they cannot be transferred to any person other than mentioned in clause (ii) ;
(iv) they carry interest at a rate not exceeding 12 per cent. per annum.
[No. 2006/F. No. 178/31/76-IT (AI)
