Any transfer of capital asset, being a Govt. security made outside India, by a non-resident to another non-resident - (New) Section 70(1)(s) / (Old) Section 47(viib)
Capital Gains - Certain transactions not regarded as Transfer
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Government security transfers between non-residents outside India are not regarded as transfers under the income tax framework. Transfer of a capital asset consisting of a Government security carrying periodic interest is not regarded as a transfer when made outside India through ... Summary
Government security transfers between non-residents outside India are not regarded as transfers under the income tax framework.
Transfer of a capital asset consisting of a Government security carrying periodic interest is not regarded as a transfer when made outside India through an intermediary dealing in settlement of securities and both transferor and transferee are non-residents. The current provision is section 70(1)(s) of the Income Tax Act, 2025, effective from 01.04.2026. The corresponding earlier provision is section 47(viib) of the Income Tax Act, 1961.
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