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Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Income Tax: Section 47(iii) of the Income Tax Act, which exempts transfers of capital assets under gift, will or irrevocable trust from capital gains tax, is proposed to be amended. The amendment aims to limit the exemption to individuals and Hindu Undivided Families, effectively making such transfers by companies taxable. This move intends to curb tax avoidance and erosion of the tax base through gifting of shares by companies, which has been a litigated issue. The amendment will be effective from April 1, 2025, applicable for Assessment Year 2025-26 onwards.
Income Tax: Section 47(iii) of the Income Tax Act, which exempts transfers of capital assets under gift, will or irrevocable trust from capital gains tax, is proposed to be amended. The amendment aims to limit the exemption to individuals and Hindu Undivided Families, effectively making such transfers by companies taxable. This move intends to curb tax avoidance and erosion of the tax base through gifting of shares by companies, which has been a litigated issue. The amendment will be effective from April 1, 2025, applicable for Assessment Year 2025-26 onwards.
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TaxTMI 
TaxTMI 
