Clause 20 - Amendment of section 54EC. - Finance Bill, 2018

20. Amendment of section 54EC. 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 , being land or building or both, shall be inserted; (b) in the Explanation occurring after sub-section (3), for clause (ba), the following clause shall be substituted, namely: (ba) long-term specified asset for making any investment under this section, (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 April, 2018, means any bond, redeemable after five years and issued on or after the 1st day of April, 2018, by the National Highways Authority of India constituted under section 3 of the National Highways Authority of India Act, 1988 (68 of 1988) or 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. .