Income-tax (13th amendment), Rules, 2018

Dec 10, 2018 | by Avantis RegTech Legal Research Team

The Central Board of Direct Taxes (CBDT) on December 06, 2018 has published the Income-tax (13th Amendment) Rules, 2018 to further amend the Income-tax Rules, 1962.

In the Income-tax Rules, 1962, in Rule 8AA which gives the method of determination of period of holding of capital assets in certain cases, after sub-rule (3), the following shall be inserted, namely:

“(4) In the case of a capital asset which became the property of the Indian subsidiary company in consequence to conversion of a branch of a foreign company referred to in subsection (1) of the section 115JG, there shall be included the period for which the asset was held by the said branch of the foreign company and by the previous owner, if any, who has acquired the capital asset by a mode of acquisition referred to in clause (i) or clause (ii) or clause (iii) or clause (iv) of sub-section (1) of section 49 or sub-section (1) of section 115JG.”.

[Notification S.O. 6054(E)]



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