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'Angel tax' shield for buyers of PSU shares during selloff
'Angel tax' shield for buyers of PSU shares during selloff
India has granted relief from its angel tax for buyers of shares in public enterprises that were strategically divested for below the fair market value. The Central Board of Direct Taxes has amended the Income Tax Rules to except from any close scrutiny by tax authorities movements in equity shares of a government company received by a person who was involved in strategic disposal in the public sector, including overseas buyers, who may have paid a lower book value than the actual value.
India has granted relief from its angel tax for buyers of shares in public enterprises that were strategically divested for below the fair market value. The Central Board of Direct Taxes has amended the Income Tax Rules to except from any close scrutiny by tax authorities movements in equity shares of a government company received by a person who was involved in strategic disposal in the public sector, including overseas buyers, who may have paid a lower book value than the actual value.