Date:31/03/2006 URL: http://www.thehindubusinessline.com/2006/03/31/stories/2006033104250900.htm

Back Clarification on tax exemption

Our Bureau

New Delhi , March 30

The Finance Ministry clarified on Thursday that the tax benefits under Section 54EC of the Income-Tax law would not be available on long-term capital gains that are invested on or after April 1, 2006 in the bonds of Nabard, National Housing Bank and SIDBI.

An official release said the tax benefits under this provision would be available only on those long-term capital gains that are invested on or after April 1, in the bonds of Rural Electrification Corporation Ltd and National Highways Authority of India and which are notified by the Union Government in the official gazette.