Amendment of section 54EC
Section 18 of the Finance Act, 2007 deals with amendment of section 54EC. Amendment of section 54EC. 18. In section 54EC of the Income-tax Act,— (a ) in sub-section (1), the following proviso shall be inserted, namely:— " Provided that the investment made on or after the 1st day of April, 2007 in the long-term specified asset by an assessee during any financial year does
Amendment of section 54EC.
18. In section 54EC of the Income-tax Act,—
(a ) in sub-section (1), the following proviso shall be inserted, namely:—
" Provided that the investment made on or after the 1st day of April, 2007 in the long-term specified asset by an assessee during any financial year does not exceed fifty lakh rupees.";
( b) after sub-section (3), in the Explanation,—
(i) for clause (b), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2006, namely:—
‘(b ) "long-term specified asset" for making any investment under this section during the period commencing from the 1st day of April, 2006 and ending with the 31st day of March, 2007, means any bond, redeemable after three years and issued on or after the 1st day of April, 2006, but on or before the 31st day of March, 2007,—
(i) by the National Highways Authority of India constituted under section 3 of the National Highways Authority of India Act, 1988 (68 of 1988); or
(ii) by the Rural Electrification Corporation Limited, a company formed and registered under the Companies Act, 1956 (1 of 1956),
and notified by the Central Government in the Official Gazette for the purposes of this section with such conditions (including the condition for providing a limit on the amount of investment by an assessee in such bond) as it thinks fit:’;
(ii) in clause (b) as so substituted, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2006, namely:—
" Provided that where any bond has been notified before the 1st day of April, 2007, subject to the conditions specified in the notification, by the Central Government in the Official Gazette under the provisions of clause (b) as they stood immediately before their amendment by the Finance Act, 2007, such bond shall be deemed to be a bond notified under this clause;";
(iii) after the proviso as so inserted, the following clause shall be inserted, namely:—
‘(ba) "long-term specified asset" for making any investment under this section on or after the 1st day of April, 2007 means any bond, redeemable after three years and issued on or after the 1st day of April, 2007 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).’.
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Section 18, The Finance Act, 2007.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 18
What does Section 18 of the Finance Act deal with?
Section 18 of the Finance Act is headed "Amendment of section 54EC". Amendment of section 54EC. 18. In section 54EC of the Income-tax Act,— (a ) in sub-section (1), the following proviso shall be inserted, namely:— " Provided that the investment made on or after the 1st day of April, 2007 in the long-term specified asset by an assessee during any financial year does
How do I find court cases under Section 18 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2007 18, section 18 Finance Act 2007, section 18 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 18 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 54EC (Capital gain not to be charged on investment in certain bonds), National Highways Authority of India Act 3 (Constitution of the Authority), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2007. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule7694 words
- 2. Income-tax3111 words
- 6. Amendment of section 101202 words
- 11. Amendment of section 171097 words
- 64. Amendment of section 245D1090 words
- 86. Amendment of section 22D1089 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.