Taxability to Non- residents on sale of unlisted equity shares

Saturday International Tax Gyan!! (SITG No. 156) #taxmadeeasy taxinpic

Capital Gain arising on sale of unlisted shares by a non- resident has to be computed only by reference to the provisions of Section 112(1)(c)(iii) of I.T. Act, 1961 without cognizance to the provisions u/s 48 of the act {Legatum Ventures Limited vs Assistant Commissioner of Income Tax}