India to Tax Capital Gains from Cyprus

16:11 - 04 Ιουλίου 2016

The country's renegotiated tax treaty with Cyprus will provide for taxation of capital gains in India arising from sale of shares of desi companies. However, all investments undertaken prior to April 1, 2017, will be exempt.
A release issued by the Cypriot ministry of finance says, "The agreement reached provides for source-based taxation for gains from the alienation of shares. Investments undertaken prior to April 1, 2017 are grandfathered with the view that taxation of disposal of such shares at any future date remains with the contracting state of residence of the seller." In other words, a Cyprus resident investor who has invested in Indian shares prior to this date will not have to pay tax on capital gains in India.
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