Monday, December 12, 2011

[NewsToday] IFCI Tax Savings Infrastructure Bonds - avail Tax benefits U/s 80 CCF

 

IFCI Tax Savings Infrastructure Bonds - avail Tax benefits U/s 80 CCF
IFCI is in the process of rising more than Rs 100 crore from tax saving infrastructure bonds to fund infra projects. According to the offer document, the issue comprises of Rs 100 crore plus unspecified green shoe option. These bonds are of two maturities – 10 years with coupon of 9.09% and 15 years with coupon of 9.16%.
The investors of 10-year bonds shall have the right of exit through buy back facility after 5 years or 7 years of allotment and the investors of 15 year bonds shall have the right of exit through buy back facility after 5 years or 10 years of allotment, it said.
Although there is no upper limit, the minimum application size Rs 5,000. The closing date for subscription of the bond is January 16, 2012.
The bond issue proceed would be utilized to finance the infrastructure projects in the country.
Investments up to Rs 20,000 per applicant qualifies for Income Tax  benefits under Section 80 CCF  over and above the limit of Rs 1,00,000 (U/s 80C) of IT Act
For more details please contact IFCI office or approved agents
Best Regards
Prakash Nair

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