Government Notifies the Types of Securities Listed on the Stock Exchange in any IFSC for the Purposes of Capital Gains Tax Exemption

The Central Board of Direct Taxes of India has, on March 5, 2020, notified that from April 1, 2020, the following securities listed on a recognized stock exchange located in any IFSC, will be eligible for the capital gains tax exemption under Section 47(viiab) of the IT Act: (a) foreign currency denominated bond; (b) unit of a mutual fund (as specified under Section 10(23D) of the IT Act); (c) unit of a business trust; (d) foreign currency denominated equity share of a company; or (e) unit of an alternative investment fund.

Published In:Inter Alia - Quarterly Edition - March 2020 [ English Chinese japanese ]
Date: March 30, 2020