Long-term capital gains treatment narrowed: second proviso excluded for certain bonds, rupee appreciation for non-residents ignored. The amendment to section 48 clarifies that the second proviso does not apply to long-term capital gain from transfer of long-term capital assets that are bonds or debentures, except capital indexed government bonds and Sovereign Gold Bonds, and that for non-residents any rupee appreciation on redemption of rupee-denominated bonds subscribed by them is ignored in computing the full value of consideration.
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Provisions expressly mentioned in the judgment/order text.
Long-term capital gains treatment narrowed: second proviso excluded for certain bonds, rupee appreciation for non-residents ignored.
The amendment to section 48 clarifies that the second proviso does not apply to long-term capital gain from transfer of long-term capital assets that are bonds or debentures, except capital indexed government bonds and Sovereign Gold Bonds, and that for non-residents any rupee appreciation on redemption of rupee-denominated bonds subscribed by them is ignored in computing the full value of consideration.
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