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Capital gain

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 August 2012 Indian company has a subsidiary(Non-Resident) and it got merged with another Non-Resident company. Indian company got shares from the merged company in return of shares of subsidiary company. Whether there is any capital gain in this transaction.
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Amol S Joglekar

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Amol S Joglekar (Expert)
10 August 2012 Yes. the gain shall be taxable in India.
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srinath

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srinath (Expert)
10 August 2012
Exemption under section 47(vii) is available only if the amalgamated company is an Indian Company.

By virtue of amalgamation, ICO has extinguished its rights in FCO1 and as a result it shall be regarded as transfer.

The FMV of shares of FCO2 will be regarded as sale consideration uunder section 50D.

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