IDBI Bank buyer to get tax waiver on LIC stake
Financial Express Mumbai|June 02, 2023
CBDT amends taxation rules for notional gains over acquisition price
PRASANTA SAHU
IDBI Bank buyer to get tax waiver on LIC stake

THE CENTRE HAS extended a specific tax waiver for buyers of government stakes in companies being privatised to those who acquire stakes held by state-run entities as well. The immediate beneficiary of the move will be the potential buyer of IDBI Bank, which is promoted by Life Insurance Corporation (LIC).

In essence, this will exempt IDBI Bank's buyer from tax liability on notional gains if the market value of shares sold by LIC is higher than the price discovered through a competitive bidding process. A similar concession is already available to buyers in strategic disinvestment deals, where the government is the seller.

This story is from the June 02, 2023 edition of Financial Express Mumbai.

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This story is from the June 02, 2023 edition of Financial Express Mumbai.

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