CBDT exempts YES Bank investors under reconstruction scheme from income tax

Also exempts shareholders in companies such as IL&FS pursuant to NCLT order, those whose land is being regularised in Delhi

State Bank of India, ICICI Bank, Axis Bank among others will get exemption from the income tax for their investments in Yes Bank under the reconstruction scheme as the finance ministry has amended the relevant provisions in this respect.

Besides, the exemption has been provided to shareholders, who receive unlisted shares of companies or their subsidiaries following resolution plan approved by the National Company Law Tribunal (NCLT) in cases related to oppression and mismanagement. Shareholders of IL&FS pursuant to the government plan would come under this scheme, experts say.

Those whose land is being regularised under the government plan in