New section 80CCF is introduced in India which brings some additional relief to tax payers. Under this section(80CCF), one can do tax exempted investment upto Rs20,000 in long-term infrastructure bonds to be issued by LIC, IFCI, IDFC and get tax relief in addition to 1 Lakh investment which is under section 80C, 80CCC, 80CCD. This means if someone in highest tax bracket of 30% can have additional tax saving of about Rs6000.
Major Features
1) New section can be availed by individual or HUF only.
2) Additional 20000 rupees can be invested in a financial year.
3) Tenure of bonds is 10 years with a lock in period of 5 years. After locking period, investor can take out money from the bonds.
4) Permanent Account Number (PAN Card) is must for getting these bonds.
5) The yield of the bond shall not exceed the yield on government securities of corresponding residual maturity, as reported by the Fixed Income Money Market and Derivatives Association of India (FIMMDA), as on the last working day of the month immediately preceding the month of the issue of the bond.
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