A company has bought back it;s FCCB ( Foreign Currency Convertible Bonds ) at a discount from non resident sellers as per RBI permission. The seller may have some capital gain on such bonds, however the buying back company is not having any infomration about the seller or his purchase price or period of holding. In such a scenerio there would be any withholding tax liability on the paymemt made to non resident sellers. if yes under what section and what rate?
CAclubindia
