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Our Bureau

New Delhi , Oct. 24

THE Federation of Indian Chamber of Commerce and Industry has suggested to the Government that dividends received by an Indian company from its investments in the shares of foreign companies should be exempt from tax in India.

Similarly, the chamber has also demanded that capital gains arising from sale of shares in foreign companies in which an Indian company has an equity interest of 10 per cent or more should be fully exempt from income-tax in India.

Alternatively, the chamber has suggested that the dividend and the capital gains be liable to tax in India at a concessional rate of 5-7 per cent.

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