SUGAM REC App:
REC Limited, the Maharatna Central Public Sector Enterprise launched a SUGAM REC mobile application.
- SUGAM REC App 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.
