Tell me about bond washing transaction
This query is : Resolved
VINOD K. BAJIYA
(Querist)
15 June 2014
tell me about bond washing transaction
Nikhil Kaushik
(Expert)
15 June 2014
bond washing is a tax evasion mechanism in which bondholder sells a security immediately before the due date for accrual/ receipt of Interest to a friend/ relative and acquiring back the same (or similar) securities after the due date of Interest is over.
under section 94(1) of the income tax act, such transactions are taxed in the hands of the seller.
under section 94(1) of the income tax act, such transactions are taxed in the hands of the seller.
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