Any transfer by way of conversion of bonds purchased in foreign currency into shares or debentures of any company - (New) section 70(1)(za) / (Old) Section 47(xa)
Capital Gains - Certain transactions not regarded as Transfer
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Tax-free conversion of foreign currency bonds into company shares or debentures under the capital gains transfer rules. Conversion of specified bonds purchased in foreign currency into shares or debentures of a company is a transaction not regarded as a transfer for capital ... Summary
Tax-free conversion of foreign currency bonds into company shares or debentures under the capital gains transfer rules.
Conversion of specified bonds purchased in foreign currency into shares or debentures of a company is a transaction not regarded as a transfer for capital gains purposes. The rule applies to notified Indian company bonds and bonds of a public sector company sold by the Government. For the transferee, the cost of acquisition is limited to the relevant portion of the original cost, and the previous owner's period of holding is not considered.
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