Non-recognition of transfer for specified fund and non-resident transfers at IFSC, extending to notified securities. The amendment expands the section 47 non-recognition rule to include transfers by a specified fund on a recognised IFSC stock exchange for consideration in convertible foreign exchange, adds derivatives and empowers notification of other securities, and inserts explanations defining 'securities', 'specified fund' (Category III AIF located in an IFSC, deriving income solely in convertible foreign exchange with units held by non-residents), 'trust', 'unit' and 'convertible foreign exchange'; effective 1st April, 2020.
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-recognition of transfer for specified fund and non-resident transfers at IFSC, extending to notified securities.
The amendment expands the section 47 non-recognition rule to include transfers by a specified fund on a recognised IFSC stock exchange for consideration in convertible foreign exchange, adds derivatives and empowers notification of other securities, and inserts explanations defining "securities", "specified fund" (Category III AIF located in an IFSC, deriving income solely in convertible foreign exchange with units held by non-residents), "trust", "unit" and "convertible foreign exchange"; effective 1st April, 2020.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
