Insights
Maximum Surcharge Rate to be considered in the computation of MMR applicable to Private Discretionary Trust
The Ministry of Finance has recently notified amendments to the Foreign Exchange Management (Non- Debt Instruments) Rules, 2019 (‘NDI Rules’) vide the Foreign Exchange Management (Non-Debt Instruments) (Fourth Amendment) Rules, 2024 (‘Amendment’). The key amendments are summarized below:
During FY2013-14,Sonia Pathak Khanna (‘assessee’) sold an office premises, for Rs.57 lakhs, on which depreciation had been claimed since FY 2009-10 and treated the gains arising thereon as long term capital gain. Further, the written down value of such asset as on 01 April 2013 was Rs.16.70 lakhs
Benefit under Treaty cannot be withheld without invocation of GAAR or evidence of impermissible avoidance arrangement where TRC is available