Income deemed to accrue or arise in India - New Explanation 5A to the Section 9 - asset or capital asset being any share or interest in a company or entity registered or incorporated outside India - Existing explanation 5 not to apply in certain situations - Budget 2017-18 w.e.f. AY 2012-13 (Retrospective)
2 February, 2017
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Asset-situs rule clarified: Explanation 5A exempts shares held through registered foreign portfolio investors from deemed India-situs. Explanation 5A clarifies that the Explanation deeming foreign shares or interests as situated in India does not apply where a non-resident holds those ... Summary
Asset-situs rule clarified: Explanation 5A exempts shares held through registered foreign portfolio investors from deemed India-situs.
Explanation 5A clarifies that the Explanation deeming foreign shares or interests as situated in India does not apply where a non-resident holds those assets by investment, directly or indirectly, through a Foreign Institutional Investor registered as a foreign portfolio investor under the applicable regulations; the amendment is described as clarificatory and given retrospective effect in the Budget proposal.
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