Tax situs of shares clarified: investments through registered foreign portfolio investors excluded from deemed India situs for non-residents. The Bill inserts a clarificatory Explanation excluding from the deeming rule an asset or capital asset held by a non-resident by way of investment, ... Summary
Tax situs of shares clarified: investments through registered foreign portfolio investors excluded from deemed India situs for non-residents.
The Bill inserts a clarificatory Explanation excluding from the deeming rule an asset or capital asset held by a non-resident by way of investment, directly or indirectly, in a Foreign Institutional Investor registered as Category I or Category II foreign portfolio investor under applicable securities regulations, thereby preventing such holdings from being treated as situated in India for the purposes of the deeming provision.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.