CBDT Expands The List Of Securities Eligible For Tax Exemption On A Recognised Stock Exchange In IFSC

The section 47(viiab) exemption's scope has been expanded by the Central Board of Direct Taxes (CBDT).The Income Tax Act of 1961, Section 47(viiab), exempts transfers of capital assets made by non-residents on recognised stock exchanges situated in any International Financial Services Centre (IFSC) from paying capital gains tax.The exemption is now available to units of investment trust, units...