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June 3, 2016

India to treat income from unlisted share transfers as capital gains

India’s Central Board of Direct Taxes (CBDT) recently clarified that income from the transfer of unlisted shares will be taxed as a lower rate capital gain rather than as business income.

The tax department’s move is aimed at avoiding tax disputes/litigation and maintaining a uniform approach. However, such treatment isn’t applicable in situations where:

  • The genuineness of transactions in unlisted shares itself is questionable,
  • The transfer of unlisted shares is related to an issue pertaining to lifting of the corporate veil, or
  • The transfer of unlisted shares is made along with the control and management of the underlying business.

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Categories: International Business Issues
Tags: Asset, Capital Gain, CBDT, India, Indian Income Act, Unlisted Share Transfer,

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