Capital asset transfers by non-residents on IFSC recognised exchanges in foreign currency covered by new clause in section 47. An amendment to section 47 inserts clause (viiab) effective 1 April 2019, specifying that transfers by non-residents of bonds or GDRs under section 115AC(1), rupee denominated bonds of Indian companies, or derivatives, made on a recognised stock exchange located in an International Financial Services Centre and where consideration is paid or payable in foreign currency, are addressed by that clause; key terms are defined by reference to the Special Economic Zones Act, the Explanation to section 43, and the Securities Contracts (Regulation) Act.
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Provisions expressly mentioned in the judgment/order text.
Capital asset transfers by non-residents on IFSC recognised exchanges in foreign currency covered by new clause in section 47.
An amendment to section 47 inserts clause (viiab) effective 1 April 2019, specifying that transfers by non-residents of bonds or GDRs under section 115AC(1), rupee denominated bonds of Indian companies, or derivatives, made on a recognised stock exchange located in an International Financial Services Centre and where consideration is paid or payable in foreign currency, are addressed by that clause; key terms are defined by reference to the Special Economic Zones Act, the Explanation to section 43, and the Securities Contracts (Regulation) Act.
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