Non-resident transfer exclusion: certain IFSC exchange transactions paid in foreign currency not treated as a transfer for tax purposes. Transfers by a non-resident of specified capital assets - bonds or Global Depository Receipts covered by the referenced provision, rupee denominated bonds of Indian companies, and derivatives - effected on a recognised stock exchange located in an International Financial Services Centre, where consideration is paid or payable in foreign currency, shall not be regarded as a transfer; the amendment defines the terms International Financial Services Centre, recognised stock exchange and derivative by reference to existing statutes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Non-resident transfer exclusion: certain IFSC exchange transactions paid in foreign currency not treated as a transfer for tax purposes.
Transfers by a non-resident of specified capital assets - bonds or Global Depository Receipts covered by the referenced provision, rupee denominated bonds of Indian companies, and derivatives - effected on a recognised stock exchange located in an International Financial Services Centre, where consideration is paid or payable in foreign currency, shall not be regarded as a transfer; the amendment defines the terms International Financial Services Centre, recognised stock exchange and derivative by reference to existing statutes.
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