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The government has announced the launch of Floating Rate Savings Bonds, 2020 (Taxable) with an interest rate of 8.05 percent. The bonds will be available for subscription from July 1st, 2023 to 31st December 2023. As per the Reserve Bank of India (RBI) press release, the interest rate on these bonds will be reset every six months. There is no option to pay interest on a cumulative basis i.e. interest will be payable in every six months instead of having an option to receive it at maturity.
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Provisions of Section 54EC (Avail Tax benefit U/s 54EC of Income tax Act)
Capital Gain Bonds are being issued as 'Long-term specified assets' within the meaning of Section 54EC of the Income Tax Act, 1961. Those desirous of availing exemption from capital gains tax under section 54EC may invest in these bonds. Read the provisions below to avail this exemption.
According to the provisions of Income Tax Act, 1961, u/s 54EC, any long-term capital gain arising from transfer of assets will be exempted in certain conditions. These conditions are:
For exemption u/s 54EC, investments must be made in bonds issued by specific government-backed organizations, such as:
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