(3)[ Where the cost of the long-term specified asset has been taken into account for the purposes of clause (a) or clause (b) of sub-section (1)-(a)a deduction from the amount of income-tax with reference to such cost shall not be allowed under section 88 for any assessment year ending before 1st day of April, 2006;(b)a deduction from the income with reference to such cost shall not be allowed under section 80-C for any assessment year beginning on air after the 1st day of April, 2006.][Explanation. - For the purposes of this section,-(a)"cost", in relation to any long-term specified asset, means the amount invested in such specified asset out of capital gains received or accruing as a result of the transfer of the original asset;](b)[ "long-term specified asset" for making any investment under this section during the period commencing from the 1st day of April, 2006 and ending with the 31st day of March, 2007, means any bond, redeemable after three years and issued on or the 1st day of April, 2006, but on or before the 31st day of March, 2007,- [ Substituted by Act 22 of 2007, Section 17, for Clause (b) (w.r.e.f. 1.4.2006).](i)by the National Highways Authority of India constituted under section 3 of the National Highways Authority of India Act, 1988 (68 of 1988); or(ii)by the Rural Electrification Corporation Limited, a company formed and registered under the Companies Act, 1956 (1 of 1956), and notified by the Central Government in the Official Gazette for the purposes of this section with such conditions (including the condition for providing a limit on the amount of investment by an assessee in such bond) as it thinks fit:][Provided that where any bond has been notified before the 1st day of April, 2007, subject to the conditions specified in the notification, by the Central Government in the Official Gazette under the provisions of clause (b) as they stood immediately before their amendment by the Finance Act, 2007, such bond shall be deemed to be a bond notified under this clause;] [ Inserted by Act 22 of 2007, Section 18 (w.r.e.f. 1.4.2006).](ba)[ "long-term specified asset" for making any investment under this section, - [Substituted by Finance Act, 2018 (Act No. 13 of 2018), dated 29.3.2018.](i)on or after the 1st day of April, 2007 but before the 1st day of April, 2018, means any bond, redeemable after three years and issued on or after the 1st day of April, 2007 but before the 1st day of April, 2018;(ii)on or after the 1st day of April, 2018, means any bond, redeemable after five years and issued on or after the 1st day of April, 2018,by the National Highways Authority of India constituted under section 3 of the National Highways Authority of India Act, 1988 or by the Rural Electrification Corporation Limited, a company formed and registered under the Companies Act, 1956 or any other bond notified in the Official Gazette by the Central Government in this behalf.] [Inserted by Act 10 of 2000, Section 27 (w.e.f. 1.4.2001).]] [ Substituted by Act 18 of 2005, Section 17, for sub-Section (3) (w.e.f. 1.4.2006).]
