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(THE GIST OF PIB) SUGAM REC App

(October-2023)

Recently, REC Limited, the Maharatna Central Public Sector Enterprise launched a SUGAM REC mobile application.

It is exclusively for current and future investors in REC’s 54EC Capital Gain Tax Exemption Bonds.
Investors will be able to download their e-bond certificates, apply for fresh investment, download important forms related to updating of KYC, and also connect with REC’s Investor Cell via call / email / WhatsApp.

These are also known as Capital gain bonds are fixed income instruments which provide capital gains tax exemption under section 54EC to the investors.
These bonds allow an assessee/investor to save income tax on long-term capital gain by investing the gains.
The investment into these bonds has to be made within 6 months from the date of long-term capital gain.
They have a fixed lock-in period of 5 years and can be either held in Physical or Demat form.
They are issued by various institutions managed by the Government of India to finance specific capital projects.
They are called 54EC bonds because the taxability benefits of these bonds are mentioned under section 54EC of the Income Tax Act, 1961.