Income Tax Act, 2025
Section 9: Ins. by Act 18 of 1992, s. 30 (w.e.f. 11992).
9. Ins. by Act 18 of 1992, s. 30 (w.e.f. 11992).
10. Subs. by Act 21 of 1979, s. 8, for ‘For the purposes of this sub-section and sub-section (3), “specified asset” means any
of the following assets, namely:—’(w.e.f. 11979).
283
(iv) debentures specified by the Central Government for the purposes of clause (ii) of
sub-section (1) of section 80L;
(v) shares in any Indian company which are issued to the public or are listed in a recognised
stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of
1956), and any rules made thereunder, where the investment in such shares is made before the 1st
day of March, 1978;
1[(va) equity shares forming part of any eligible issue of capital, where the investment in such
shares is made after the 28th day of February, 1978;]
(vi) deposits for a period of not less than three years with the State Bank of India established
under the State Bank of India Act, 1955 (23 of 1955), or any subsidiary bank as defined in the
State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959) or any nationalised bank, that is to
say, any corresponding new bank, constituted under section 3 of the Banking Companies
(Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or any co-operative society
engaged in carrying on the business of banking (including a co-operative land mortgage bank or a
co-operative land development bank);
2[(b) in a case where the original asset is transferred after the 28th day of February, 1979 3[but
before the 1st day of March, 1983], such National Rural Development Bonds as the Central
Government may notify in this behalf in the Official Gazette;]
3[(c) in a case where the original asset is transferred after the 28th day of February, 1983 4[but
before the 1st day of April, 1986], any of the following assets, namely:—
(i) securities of the Central Government which that Government may, by notification in the
Official Gazette, specify in this behalf;
(ii) special series of units of the Unit Trust of India established under the Unit Trust of India
Act, 1963 (52 of 1963), which the Central Government may, by notification in the Official
Gazette, specify in this behalf;
(iii) such National Rural Development Bonds as have been notified under clause (b)
of Explanation 1 or as may be notified in this behalf under this clause by the Central
Government;
(iv) such debentures issued by the Housing and Urban Development Corporation Limited [a
Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956)], as the
Central Government may, by notification in the Official Gazette, specify in this behalf;]
4[(d) in a case where the original asset is transferred after the 31st day of March, 1986, any of the
assets specified in clause (c) and such bonds issued by any public sector company, as the Central
Government may, by notification in the Official Gazette, specify in this behalf;]
debentures specified by the Central Government for the purposes of clause
of
sub-section
of section 80L;
shares in any Indian company which are issued to the public or are listed in a recognised
stock exchange in India in accordance with the Securities Contracts
Act, 1956 (42 of
1956), and any rules made thereunder, where the investment in such shares is made before the 1st
day of March, 1978;
1[
equity shares forming part of any eligible issue of capital, where the investment in such
shares is made after the 28th day of February, 1978;]
deposits for a period of not less than three years with the State Bank of India established
under the State Bank of India Act, 1955 (23 of 1955), or any subsidiary bank as defined in the
State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959) or any nationalised bank, that is to
say, any corresponding new bank, constituted under section 3 of the Banking Companies
(Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or any co-operative society
engaged in carrying on the business of banking (including a co-operative land mortgage bank or a
co-operative land development bank);
2[
in a case where the original asset is transferred after the 28th day of February, 1979 3[but
before the 1st day of March, 1983], such National Rural Development Bonds as the Central
Government may notify in this behalf in the Official Gazette;]
3[
in a case where the original asset is transferred after the 28th day of February, 1983 4[but
before the 1st day of April, 1986], any of the following assets, namely:—
securities of the Central Government which that Government may, by notification in the
Official Gazette, specify in this behalf;
special series of units of the Unit Trust of India established under the Unit Trust of India
Act, 1963 (52 of 1963), which the Central Government may, by notification in the Official
Gazette, specify in this behalf;
such National Rural Development Bonds as have been notified under clause
of Explanation 1 or as may be notified in this behalf under this clause by the Central
Government;
such debentures issued by the Housing and Urban Development Corporation Limited [a
Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956)], as the
Central Government may, by notification in the Official Gazette, specify in this behalf;]
4[
in a case where the original asset is transferred after the 31st day of March, 1986, any of the
assets specified in clause
and such bonds issued by any public sector company, as the Central
Government may, by notification in the Official Gazette, specify in this behalf;]