TDS on remittance of compensation to non resident shareholders

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..... on payable to their non-resident shareholders as a result of the nationalisation of the general insurance business in India. The Reserve Bank of India has sought clarification from the Board as to the amount of tax to be deducted before permitting the remittance. 2. The amount of compensation payable to the non-resident shareholders will be capital receipts in their hands and will thereby be liab .....

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..... the cost of acquisition and in case the shares were purchased before 1st January, 1954 then the cost of acquisition will be either the cost price or the market value as on 1st January, 1954 at the option of the assessee. The Director of Insurance has been advised to ask the companies concerned to approach the Income-tax Officers for the determination of the amount of capital gains under Sec. 195(2 .....

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