Income-tax Act, 1961 : Order under section 119(2)(c) : Extending time limit for making the investments under section 54EC

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..... EC of the Income-tax Act, 1961 provides that capital gain arising from the transfer of a long-term capital asset shall not be charged to tax to the extent such gains are invested in "long-term specified asset" within a period of six months after the date of such transfer. 2. Prior to the amendment to section 54EC by the Finance Act, 2006, "long-term specified asset" for the purposes of said sect .....

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..... the amended provision of section 54EC have been notified by the Central Government vide Notifications Nos. S. O. 963(E) and S. O. 964(E) dated 29th June, 2006 for Rs. 1,500 crores and Rs. 4,500 crores, respectively, to be issued during financial year 2006-07. It has been informed by, REC and NHAI that these bonds will be issued from 1st July, 2006 and 20th July, 2006, respectively. 5. It has .....

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..... f persons where the long-term capital asset was transferred between 29th September, 2005 and 31st December, 2005 (both dates inclusive) ; (ii) up to 31st December, 2006 in case of persons where the long-term capital asset was transferred between 1st January, 2006 and 30th June, 2006 (both dates inclusive). (Sd.) Sharat Chandra), Director, (TPI-IV). - Circular - Trade Notice - Public Noti .....

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