NEW DELHI: Foreign companies selling assets in India could end up enjoying a concessional rate of capital gains tax of 10% even if these companies enjoy the foreign currency fluctuation benefit.
This follows the ruling by the Authority for Advance Rulings (AAR) in the Timken (France) case, where it has held that foreign companies will be eligible for concessional tax rate of 10% on capital gains made on any asset purchased in foreign currency.
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Thursday, October 4, 2007
MNCs get tax breather on asset sale
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