Inclusion of bonds issued by specified financial institutions for the purpose of claiming exemption from long term capital gains under Section 54EC of the Income Tax Act, 1961.
The Central Board of Direct Taxes vide its Notification No 27/2018 and 28/2018 dated 18th June, 2018 had included the bonds issued by Indian Railway Finance Corporation Limited and Power Finance Corporation of India for claiming the exemption under Section 54EC of the Income Tax Act, 1961. So, for the purpose of claiming exemption from any long term capital gains, the tax payers can also invest in 54EC Capital gain bonds issued by the above institutions.