The Central Board of Direct Taxes (CBDT) provided relief for genuine transactions where shares were acquired without paying the securities transaction tax (STT). Accordingly, long-term capital gains tax will not be applicable for employee stock ownership plan (ESOPs) and foreign direct investment (FDI) deals. The long-term capital gains (LTCG) exemption will also be applicable for court-approved transactions. Finance minister Arun Jaitley had introduced the changes in the Income Tax Act this year to deny the LTCG exemption in all cases where STT is not paid, except the notified ones, as indicated by this Mint report. The publication added that the CBDT notification is significant as many stressed projects in many sectors could look at bankruptcy proceedings where lenders can explore turnaround options that may include management and ownership change before considering liquidation and sale of physical assets. However, in cases of acquiring…
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