The Central Board of Direct Taxes ( CBDT ) has waived off lock-in period of 3 years on investment made by Non Residents in bonds of Infrastructure Debt Fund.
According to Rule 2F of the Income Tax Rules, 1962, provides that the investment made by a non-resident investor in bonds of Infrastructure Debt Fund shall be subject to a lock-in period of not less than three years.
However, the non-resident investor may transfer the bond to another non-resident investor within such lock-in period. In a notification issued yesterday, the CBDT vide Notification No. 66/2019, dated 16-09-2019 has removed such lock-in period of 3 years.
The provision came into force from yesterday.
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