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Amendment of section 54EC.

Clause 20 - Bills - DIRECT TAXES - Income-tax - FINANCE BILL, 2018 - Clause 20 - 20. In section 54EC of the Income-tax Act, with effect from the 1st day of April, 2019,- (a) in sub-section (1), after the words long-term capital asset , the words , be .....

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- (i) on or after the 1st day of April, 2007 but before the 1st day of April, 2018, means any bond, redeemable after three years and issued on or after the 1st day of April, 2007 but before the 1st day of April, 2018; (ii) on or after the 1st day of .....

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by the Rural Electrification Corporation Limited, a company formed and registered under the Companies Act, 1956 (1 of 1956) or any other bond notified in the Official Gazette by the Central Government in this behalf. . Clause 20 of the Bill seeks to .....

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term specified asset at any time within a period of six months after the date of such transfer, shall not be charged to tax subject to certain conditions specified in the said section. It is proposed to amend the said section so as to provide that ca .....

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ged to tax subject to certain conditions specified in the said section. Clause (ba) of the Explanation to the said section clarifies expression "long-term specified asset" for making any investment under the said section on or after the 1st .....

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