New Delhi: The Finance Ministry has permitted Nabard to issue rural bonds worth Rs 5,000 crore with some tax benefits for certain categories of investors. An individual and a Hindu Undivided Family (HUF) infusing in such bonds from April 1 this year can benefit himself of Section 80C benefit, which entails that amounts infused up to existing ceiling limit of Rs 1 lakh in Nabard bonds could be claimed as deduction against income for income tax purposes. Under Section 80C of the Income-Tax Act, assesses could claim deduction of up to Rs 1 lakh on investments made in life insurance premium, provident funds and public provident funds (PPFs) etc. Now, Nabard rural bonds have also been brought within its ambit from April 1, 2008.
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