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 :
(a)
Name of the bond
-
ten years zero coupon bond of National Housing Bank (NHB);
(b)
Period of life of the bond
-
ten years;
(c)
The time schedule of the issue of the bond
-
to be issued on or before the 31st day of March, 2009;
(d)
The amount to be paid on maturity or redemption of the bond
-
ten thousand rupees for each bond;
(e)
The discount
-
to be decided by National Housing Bank (NHB) at the time of issue of the bond; and
(f)
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.
Zero coupon bond
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Published in Income Tax