Zero coupon bond

Last updated: 05 March 2008

NOTIFICATION NO. 23/2008, DATED 6-2-2008

In exercise of the powers conferred by clause 48 of section 2 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the bond with the following particulars as zero coupon bond for the purposes of the said clause, namely :

Name of the bond
ten years zero coupon bond of National Housing Bank (NHB);

Period of life of the bond
ten years;

The time schedule of the issue of the bond
to be issued on or before the 31st day of March, 2009;

The amount to be paid on maturity or redemption of the bond
ten thousand rupees for each bond;

The discount
to be decided by National Housing Bank (NHB) at the time of issue of the bond; and

The number of bonds to be issued
Thirty lakhs.

2. This notification is subject to the fulfillment of conditions referred to in clause (ii), clause (iii) and clause (v) of sub-rule (3) and sub-rule (6) of rule 8B of the Income-tax Rules, 1962.




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