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Section – 9 – income deemed to accrue or arise in india -  Clarity relating to Indirect transfer provisions

 

According to the existing provisions contained in Explanation 5 under section 9(1)(i), an asset or capital asset being any shares or interest in company or any share or interest in a company or any entity registered or incorporated outside India shall be deemed to be situated in India if the shares or interest  derives directly or indirectly its value substantially from the assets located in India.  

 

It is proposed to provide that the said explanation 5 shall not apply to any asset or capital asset mentioned therein being investment held by the non-resident directly or indirectly in a specified foreign Institutional Investor registered as Foreign Portfolio investor under the SEBI Regulations.

 

The amendment will be effective from 1st April 2018.


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