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SECTION 72A

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01 September 2007 An indian co demerges into 2 entities by transfer of assets at book value. Section 47 exempts such transactions from capital gains.

One of the demerged entities transfers all such assets to an overseas SPV.

Will this transfer be tax exempt, though SPV continues to be wholly owned or 75%+ owned subsidiary of the demerged company.

Pl comment with references to the case laws.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
08 March 2008 At the time demerger no transfer took place. The subsequent transaction will attract capital gain.

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