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In a minor relief to foreign investors, Finance Minister Arun Jaitley today said capital gains made by them will be exempt from Minimum Alternate Tax (MAT), but did not provide relief for past liabilities.
The Minister said all capital gains from sale of securities as well as royalties, interest, technical services fee earned by foreign companies will be exempt from MAT, if the normal tax rate on such income is lower than 18.5 per cent.
This will bring relief to debt funds because interest income will also be exempt from MAT from April this year.
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