1st June 2016
Sugata Ghosh, ET Bureau
India recently signed a protocol with Mauritius amending the tax treaty between the two countries to enable India to impose tax on capital gains derived by a Mauritius resident on transfer of shares of an Indian company.
Dr. Mitil Chokshi, senior partner of MSI’s Mumbai accounting member Chokshi & Chokshi LLP, was interviewed on this treaty by the Indian Economic Times. In the interview he mentioned that there is tax ambiguity as to which date is to be considered as the date of acquisition; either the date of acquisition of original instrument or the date of conversion? If date of conversion is considered as date of acquisition (assuming the date of conversion being after 1st April, 2017), then there will be retrospective capital gains tax implications. Hence this requires clarification from the revenue department.
Click here to view the full article in the Indian Economic Times
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