Short Term Capital Gain arising out of transfer of equity shares ...
Capital Gains on Equity from FCCBs/GDRs: Use Cost from 1993 Scheme Clauses 7(3) & 7(4), Not Income Tax Act.
September 2, 2021
Case Laws Income Tax AT
Short Term Capital Gain arising out of transfer of equity shares - FCCBs/GDRs which were subsequently converted to equity shares - cost of acquisition of underlying shares - whether capital gain has to be computed by adopting the cost of acquisition of the GDRs/FCCBs under clause 7(3) and 7(4) of the 1993 scheme or it has to be computed under section 49(2A) r.w.s. 47(x) and 47(xa) of the Act, as held by the Departmental Authorities? - To be computed as per the clause 7(3) and 7(4) of the 1993 scheme - AT
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