Concessional tax for long-term capital gains on foreign-currency share sales requires careful scrutiny when issuing remittance NOCs. Concessional tax on long-term capital gains applies to transfers of shares purchased in foreign currency, while short-term gains are excluded from this treatment. Reports indicate remittances of sale consideration were at times allowed without deduction of tax on capital gains after assessees claimed losses. Assessing officers must exercise due care, verify claims, and ensure proper tax deduction before issuing No Objection Certificates for remittance of sale consideration of such shares.
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.
Concessional tax for long-term capital gains on foreign-currency share sales requires careful scrutiny when issuing remittance NOCs.
Concessional tax on long-term capital gains applies to transfers of shares purchased in foreign currency, while short-term gains are excluded from this treatment. Reports indicate remittances of sale consideration were at times allowed without deduction of tax on capital gains after assessees claimed losses. Assessing officers must exercise due care, verify claims, and ensure proper tax deduction before issuing No Objection Certificates for remittance of sale consideration of such shares.
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