gayatri projects limited - Edelweiss

STATEMENT OF TAX BENEFITSToGAYATRI PROJECTS LIMITED,6-3-1090, BLOCK 1,T S R TOWERS,RAJ BHAVAN ROAD,HYDERABAD 500082INDIADear Sirs,Statement of Possible Tax Benefits available to the Company and its shareholdersWe hereby report that the enclosed statement states the possible tax benefits available to the Company and to the shareholders,of the Company under the Income tax Act, 1961 (provisions of Finance Act, 2006), Wealth Tax Act, 1957 and the Gift Tax Act,1958, presently in force in India. Several of these benefits are dependent on the Company or its shareholders fulfilling theconditions prescribed under the relevant provisions of the statute. Hence, the ability of the Company or its shareholders toderive the tax benefits is dependent upon fulfilling such conditions, which based on business imperatives the Companyfaces in the future, the Company may or may not choose to fulfill.The benefits discussed in the enclosed statement are not exhaustive. This statement is only intended to provide generalinformation to the investors and is neither designed nor intended to be a substitute for professional tax advice. In view of theindividual nature of the tax consequences and the changing tax laws and the fact that the Company will not distinguishbetween the shares offered for subscription and the shares offered for sale by the Selling Shareholders, each investor isadvised to consult his or her own tax consultant with respect to the specific tax implications arising out of their participationin the issue.We do not express any opinion or provide any assurance as to whether:i. Company or its shareholders will continue to obtain these benefits in future; orii. The conditions prescribed for availing the benefits have been / would be met with.The contents of the enclosed statement are based on information, explanations and representations obtained from theCompany and on the basis of our understanding of the business activities and operations of the Company.FOR C.B. MOULI & ASSOCIATESCHARTERED ACCOUNTANTSPlace: SecunderabadDate : 10.06.2006( MANI OOMMEN )PARTNERMembership No.: 2404635