CBDT notifies various securities for the purposes of transactions not regarded as transfer under Income-tax Act, 1961

Mar 09, 2020 | by Avantis RegTech Legal Research Team


Finance & Taxation Compliance

The Central Board of Direct Taxes (CBDT) on March 05, 2020, notifies certain securities for the purposes of section 47 (viiab)(d) of the Income-tax Act, 1961, which specifies the transactions not regarded as transfer.

The securities are:

(i)                  foreign currency denominated bond;

(ii)                unit of a Mutual Fund;

(iii)               unit of a business trust;

(iv)               foreign currency denominated equity share of a company; (v) unit of Alternative Investment Fund,   

which are listed on a recognised stock exchange located in any International Financial Services Centre in accordance with the regulations made by the Securities and Exchange Board of India under the Securities and Exchange Board of India Act 1992 or the International Financial Services Centres Authority under the International Financial Services Centres Authority Act 2019, as the case may be.

This notification will come into force with effect from April 01, 2020.

[Notification No. S.O. 986(E)]


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