Can I read FCCB Conversion Capital Gains Ruling on EtoBox?
FCCB Conversion Capital Gains Ruling by Aditi Soni is a document available to read on EtoBox.
What is FCCB Conversion Capital Gains Ruling about?
The document discusses the cost of acquisition for capital gains purposes of equity shares received upon conversion of foreign currency convertible bonds (FCCBs) held by a non-resident investor. It was held that: 1) For FCCBs issued prior to 2008, the cost of acquisition of equity shares received on conversion is determined according to the special provisions of the FCCB Scheme, not section 49(2A) of the Income Tax Act. 2) Under the FCCB Scheme, the cost is the conversion price based on the closing market
- Author
- Aditi Soni
- Language
- EN