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        Income Tax

        Rule 21AL - Other Conditions required to be fulfilled by the original fund

        Income-tax Rules, 1962
        Chapter IV
        TAX EXEMPTIONS AND RELIEFS

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        Resident participation limit restricts Indian investor stake in an original fund before transfer to a Category III AIF. A condition for tax treatment on transfer to a resultant Category III Alternative Investment Fund requires that aggregate participation by persons resident in India in the original fund must not exceed a minimal fraction of the fund's corpus at the time of transfer; statutory definitions of 'original fund' and 'resultant fund' govern the entities covered.
                    Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                      Provisions expressly mentioned in the judgment/order text.

                          Resident participation limit restricts Indian investor stake in an original fund before transfer to a Category III AIF.

                          A condition for tax treatment on transfer to a resultant Category III Alternative Investment Fund requires that aggregate participation by persons resident in India in the original fund must not exceed a minimal fraction of the fund's corpus at the time of transfer; statutory definitions of "original fund" and "resultant fund" govern the entities covered.


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