Sale of Mutual fund exempted from capital gain tax. CBDT notifies more transactions not regarded transfer u/s 2(47)
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi, the 5th March, 2020
INCOME-TAX
S.O. 986(E).—In exercise of the powers conferred by sub-clause (d) of clause (viiab) of section 47 of the Income-tax Act, 1961 (43 of 1961),the Central Government hereby notifies the following securities for the purposes of the said sub-clause, namely:-
(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 (15 of 1992) or the International Financial Services Centres Authority under the International Financial Services Centres Authority Act 2019 (50 of 2019), as the case may be.
Explanation.-For the purposes of this notification,─
(a)“Mutual Fund” means a Mutual Fund specified under clause (23D) ofsection 10of the Income-tax Act, 1961.
(b)“Alternative Investment Fund” shall have the meaning assigned to it in clause (b) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012.2. This notification shall come into force with effect from 1stApril 2020.
[F.No.370142/22/2019-TPL]
GUDRUN NEHAR,
Director (Tax Policy & Legislation)
Mere technical mistake made by assessee while filing up return cannot be a ground of disallowing the claim when such…
Denial of Capital gain deduction u/s 54B for agricultural land purchased in the name of wife Supreme Court stays High…
CIT(A) was justified in considering surrounding circumstances, the normal human conduct of a prudent investor, the probabilities to judge creditworthiness…
High Court frowns at Provisional attachment orders passed u/s 83(1) GST lifted only their illegality being questioned In a recent…
In Faceless assessment grant of opportunity of personal hearing is not optional at discretion of the Assessing Officer its waiver…
CBDT Guidelines for compulsory selection of return for compulsory scrutiny during FY 2024-25 CBDT Guidelines for compulsory selection of…