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[Cites 0, Cited by 0] [Section 70(1)] [Section 70] [Entire Act]

Union of India - Subsection

Section 70(1)(m) in The Income Tax Act, 2025

(m)of a capital asset in a demerger, being a share of a foreign company, referred to in section 9(10)(a), which derives directly or indirectly, its value substantially from the share or shares of an Indian company, held by the demerged foreign company to the resulting foreign company, if—
(i)the shareholders, holding not less than 75% in value of the shares of the demerged foreign company, continue to remain shareholders of the resulting foreign company; and
(ii)such transfer does not attract tax on capital gains in the country in which the demerged foreign company is incorporated, and in such a case the provisions of sections 230 to 232 of the Companies Act, 2013 shall not apply;