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<h1>New Sub-rule Added to Rule 8AA on Capital Asset Transfer to Indian Subsidiary via Foreign Branch Conversion.</h1> The Income-tax (13th Amendment) Rules, 2018, effective from their publication date, amend the Income-tax Rules, 1962. Specifically, a new sub-rule is added to Rule 8AA, addressing capital assets transferred to an Indian subsidiary due to the conversion of a foreign company's branch. This amendment includes the holding period of the asset by the foreign branch and any previous owner who acquired the asset through specified modes under sections 49(1) or 115JG(1) of the Income-tax Act, 1961.
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