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Pursuant to stakeholder representations, Finance (No.2) 2024 has transformed the tax treatment of capital gains and buy back of shares. The Government has tried to reduce the categories of various asset classes and bring uniformity & consistency in holding period and long term/short term capital gains tax rates. Responding to post budget representations, the indexation benefit was also restored at the enactment stage in a limited manner to ensure that long term capital gains tax burden of land or building or both on resident individuals/HUFs is not increased for assets acquired prior to 23 July 2024. The taxation of buyback of shares is restored in the hands of shareholders as a combination of dividend and capital gains instead of buyback distribution tax in the hands of the company.
The transformative changes in capital gains and buyback taxation for both residents and non-residents requires an in-depth evaluation for both tax compliance and future tax planning. The Bombay Chamber of Commerce & Industry has planned a half-day physical seminar where tax experts from Deloitte…….will discuss the following aspects with practical case studies :-
New capital gains tax regime
- Broad comparison between erstwhile and new capital gains tax regime
- In-depth impact analysis of new capital gains tax regime for different asset classes
- Indexation benefit for grandfathered immovable property acquired by resident individuals/HUFs prior to 23 July 2024
- Impact on capital gains rollover benefits and set off of losses
- Changes and nuances of deemed short term capital gains tax treatment for debt instruments
- Impact for non-resident taxpayers (including treaty benefits) like Foreign Portfolio investors, Foreign Direct Investment investors, Sovereign Wealth Funds, etc
- Revised norms of due diligence and compliance for buyers for tax withholding and representative assessee risk
New buyback tax regime
- Comparison of erstwhile buyback distribution tax regime with new buyback tax regime
- In-depth impact analysis of dividend and capital gains treatment for share buybacks
- Impact for non-resident taxpayers (including treaty benefits)
- Revised norms of due diligence and compliance for company buying back shares for tax withholding and representative assessee risk
To discuss these developments, the Bombay Chamber is organizing this seminar. The detailed programme is given below :
