Can any one tell how we can treat Zero Coupan Bond in the Head Income From Business or Proffession? Its urgent.............................
2 Replies
Yogesh Shah
(Managing Corporate Finance)
(1051 Points)
Replied 22 October 2009
Hi Sandeep,
I guess, u r talking about Income on Transfer of Zero Coupon Bonds. This income is taxable under the head 'Capital Gains' and not under 'PGBP'.
If a person have business of transfer of such bonds, only in this case it is taxable under 'PGBP' as taxable receipt i.e. credit to P&L A/c.
Sandeep Pandey
(CA FINAL)
(1306 Points)
Replied 22 October 2009
According to sec 36(iiia) discount on DCB. What is that?
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