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Capital Gains In Case Of Non-Residents - FIRST PROVISO TO SECTION 48 AND RULE 115A

Income Tax - Capital Gains - 21 - FIRST PROVISO TO SECTION 48: CAPITAL GAINS IN CASE OF NON-RESIDENTS In case of an assessee who is a non-resident (including foreign company) the capital gain arising from the transfer of shares or debentures in an In .....

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nto the same foreign currency as was initially utilized in the purchase of such shares or debentures. The capital gain so computed in the foreign currency shall be reconverted into Indian currency. The above said manner of computation of capital gain .....

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it should be a case of reinvestment. Notes: Units of Mutual fund and Government bonds are not covered by First Proviso to Section 48 First proviso applies to STCG and LTCG First proviso is mandatory Benefit of indexation is not given where First prov .....

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nt shall be applied. Provided also that nothing contained in the second proviso shall apply to the long-term capital gain arising from the transfer of a long-term capital asset, being a bond or debenture other than- (a) capital indexed bonds issued b .....

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