Section 115ACA of ITA, 1961 : Section 115Aca: Tax On Income From Global Depository Receipts Purchased In Foreign Currency Or Capital Gains Arising From Their Transfer
ITA, 1961
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Explanation using Example
Imagine John, an Indian resident, works as a software engineer for an Indian IT company that has a subsidiary in Germany. The company is recognized as operating in a "specified knowledge based industry or service," specifically information technology service. John was offered Global Depository Receipts (GDRs) as part of an Employee Stock Option Plan approved by the Indian government. He purchased these GDRs in foreign currency.
After a few years, the value of the GDRs appreciates, and John decides to sell them, resulting in long-term capital gains. Additionally, dur...
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