Quick Summary
The Income-tax (Eighth Amendment) Rules, 2023 were notified by the Central Board of Direct Taxes (CBDT) on May 31, 2023. The rules amend the Income-tax Rules, 1962 to provide for exemption from tax on the value of any movable property, being equity shares, of a public sector company or a company, re
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FAQ :
The CBDT has introduced an amendment to the Income-tax Rules, 1962, providing an exemption from tax on the value of equity shares received as movable property under strategic disinvestment.
These rules came into force from April 1, 2023, and are applicable for the assessment year 2023-2024 and subsequent assessment years.
Strategic disinvestment is defined as the sale of a controlling stake in a public sector company or any company to a private entity.
Yes, the exemption is available only if the equity shares are acquired by a person on or after May 31, 2023, the date of notification of these rules.
The amendment is intended to provide a boost to the government's disinvestment program.
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