54 EC INVESTMENT DATE EXTENDED BONDS

Central Board of Direct Taxes (CBDT) has extended the time period for making investment in 54EC bonds for those persons who could not avail of the benefit on account of non availability of the capital gain bonds or the effective time available for making the investment was less than six months because of non availability of these bonds. The limitation has been extended as under:

(i) up to 30th September 2006 in case of persons where the long term capital asset was transferred between 29.09.2005 and 31.12.2005 (both dates inclusive);
(ii) up to 31st December 2006 in case of persons where the long term capital asset was transferred between 01.01.2006 and 30.06.2006 (both dates inclusive); Accordingly REC is coming out with the
issue of bonds from 1st July 2006 and NHAI will be coming out with the issue of bonds from 20th July 2006 with overall ceiling of Rs. 4500 Crores and Rs. 1500 Crores respectively.