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of <h1>Foreign Currency Exchangeable Bonds face tax deduction at source under Section 115AC until exchange occurs</h1> The Foreign Currency Exchangeable Bonds Scheme 2008 establishes taxation rules for exchangeable bonds. Interest payments are subject to tax deduction at source under Section 115AC of the Income Tax Act 1961 until exchange occurs. Dividends on exchanged portions follow the same tax provisions. Converting bonds to shares generates no capital gains tax liability in India. Transfers between non-resident investors outside India are exempt from Indian capital gains tax.
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