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CBDT grants Sec. 56(2)(x) exemption to investors receiving shares under Yes Bank Ltd. Reconstruction Scheme

July 6, 2020
The Central Board of Direct Taxes (CBDT) has amended Rule 11UAC which prescribes class of persons to whom provisions of section 56(2)(x) shall not apply. The board has added two new classes of person within the ambit of exemption. Any movable property, being equity shares, of the reconstructed bank, received by the investor/investor bank under the Yes Bank Limited Reconstruction Scheme, 2020 shall not be taxable under section 56(2)(x).
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