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Tell me about bond washing transaction

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(Querist)
15 June 2014 tell me about bond washing transaction
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Nikhil Kaushik

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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.
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