2012 (4) TMI 50

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....since 1984 and holds a card of Person of Indian Origin since 6.10.2003. The applicant has 1/4th interest in the tenancy rights of a flat in Purnima, 40 C, B.G.Kher Marg, Mumbai, and holds 596 shares in Parikh Agencies Pvt. Ltd, a dormant company holding ownership rights in immovable property in Mumbai. The applicant desired to know her tax liability under the Indian Tax Laws and under the laws of ....

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....rty at Mumbai. Under Article 11 of the Double Taxation Avoidance Agreement (DTAA) entered into between India and Netherlands, the gains derived from sale of shares are taxable in Netherlands, applicant being resident of Netherlands. As regards the capital gains on sale of tenancy rights, these are admittedly taxable in India under Article 6 of the DTAA, the tenancy rights being situated in India. ....

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....96 shares and as such do not involve determination of fair market value. As regards the amount received on release of tenancy rights, the tenancy rights are in respect of real estate and would be gains derived from alienation of immovable property. As the immovable property is situated in India, the gains are taxable in India under Article 13.1 of the DTAA. As regard the gains derived from the sal....