Quick Summary
The Central Board of Direct Taxeshas notified theIncome-tax (28thAmendment) Rules, 2021 to amend Rule 11UAC of the existing Income-Tax Rules, 1962. The notification shall come into force from 1stApril 2022 and shall be applicable from A.Y. 2022-23 onwards. Vide this notification, the CBDT has inserted the following new clause in Rule 11UAC: (4) any movable property, being equity shares, of the public sector company, received by a person from the Central Government or any State Government u
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FAQ :
The CBDT has amended Rule 11UAC to exempt equity shares of a public sector company received from the Central or State Government under strategic disinvestment from being taxed as 'income from other sources'.
The amendment comes into force from 1st April 2022 and will be applicable from Assessment Year 2022-23 onwards.
Individuals who receive equity shares of a public sector company from the Central Government or any State Government under a strategic disinvestment are eligible for this exemption.
The term 'strategic disinvestment' has the same meaning as assigned to it in clause (iii) of Explanation to clause (d) of sub-section (1) of section 72A of the Income Tax Act.
This amendment is related to Section 56(2)(x) of the Income Tax Act, 1961, which deals with 'income from other sources'.
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