TMI BlogNotifies the issue of 7-Year National Rural Development Bonds from the 9th July, 1979X X X X Extracts X X X X X X X X Extracts X X X X ..... or any additional compensation or additional compensation or additional consideration received, after the 28th day of February, 1979. Net consideration means the sale proceeds of the long term capital asset as reduced by an expenditure incurred wholly and exclusively in connection with such transfer. 3. 7-Year National Rural Development Bonds issued at Rs. 100.00 per cent. and redeemable at per on maturity. ( i ) Price.-- The issue price will be Rs. 100.00 for every Rs. 100 (Nominal). ( ii ) Date of issue .--The Bonds will be on tap from the 9th July, 1979, and will be issued from the date of tender of application. ( iii ) Date of repayment .--The Bonds will be repaid at par on the expiration of 7 years from the date of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f these Bonds together with the value of other Government securities and other approved financial assets will qualify for exemption under section 5 of the Wealth-tax Act, 1957 (27 of 1957), subject to a limit of Rs. 1,50,000. 9. Form.-- The Bonds will be issued in the form prescribed in the notification of the Government of India in the Ministry of Finance (Department of Economic Affairs) No. GSR 389(E) dated the 22nd June, 1979. 10. Transferability.-- The Bonds will be transferable by means of a transfer deed printed on the reverse of each Bond. However, the transfer shall not be deemed as complete until the name of the transferee is registered as holder of the Bond by the Public Debt Office concerned. 11. Applications for bond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion or additional consideration received on the transfer of the long term capital asset detailed below :-- ------ Location, type and Transferee's Date of transfer Sale proceeds Net consideration, other details of the name, or date of receipt realised or i.e., the sale capital asset address and of additional additional proceeds realised transferred Permanent compensation or compensation reduced by any if any additional or additional expenditure consideration consideration incurred wholly and received exclusively in connection with the transfer ------ 1 2 3 4 5 ------ Rs. Rs. ------ 3. The bonds and annual interest thereon payable at---------(office of Reserve/State Bank of India) may please be sent to me/us at the address mentione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtner as such, by any partner thereof, not being a minor ; ( e ) where the declarant is any other association, by the principal officer thereof or any member of the association authorised in this behalf ; and ( f ) where the declarant is any other person, by that person or by some person competent to act on his behalf. (3) The Bond in the form prescribed in the notification of the Government of India in the Ministry of Finance (Department of Economic Affairs) No. GSR 389(E), dated the 22nd June, 1979, in respect of 7- Year National Rural Development Bonds will be issued in the name of the individual, Hindu undivided family as described by its name (HUF), company, firm, association or other person, as the case may be. (4) Where t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
