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Amendment in existing provisions
from Taxmann's Budget Marathon | Capital Gains | Suvira Agarwal – Partner | Grant Thornton Bharat
by Taxmann
• In order to provide clarity, it has been proposed to amend the said provisions to provide that the sales consideration received on transfer of property under a JDA shall also include amounts received in cheque or draft or any other mode.
Sunset clause on tax exemption on relocation of offshore funds to an Indian fund located in IFSC
• Under the current provisions, the last date for transfer of assets of an overseas fund (‘original fund’), or of its wholly owned special purpose vehicle, to a resultant fund (Indian fund located in IFSC) in case of relocation was 31st March 2023 – [Section 47(viiad)]
• In order to further incentivize operations from IFSC, It has been proposed to extend the current limitation period of 31st March 2023 to 31st March 2025
