As you know during FY 2010 – 2011 if you invest in long term infrastructure bonds you will get tax benefit. The limit of investment for tax benefit is Rs 20,000. This Rs 20,000 is apart from the regular investments under section 8 0 ( c ).
IFCI (The Industrial Finance Corporation of India) is the first company to come up with infrastructure bonds eligible for tax benefit under section 80CCF of the Income Tax act, 1961 for long term Infrastructure Bonds. As you know for the FY 2010 -2011 there is a tax deduction for an additional maximum amount of Rs 20,000 over and above the 1 Lakh limit available under section 80C.
So after looking at this don’t make a quick decision to invest in these bonds to avail tax benefit. Consider your taxable income, other investment avenues, inflation etc before investing in it.
To get the tax deduction the infrastructure bond should be of a minimum tenure of 10 Years and the minimum lock in period of the investment is 5 years. Buy-back (by the issuer of bonds) would be available only on particular dates after the lock in period i.e. 5 years. Please note that these tax rebate bonds can only be issued by certain government and RBI approved entities like LIC, IFCI, Infrastructure Development Finance Company and NBFCs classified by RBI.
The tax rebate on infrastructure bonds is not introduced for the first time by the government. Earlier it was there for a max limit of Rs 30,000 and was discontinued in later years.
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