India: Mutual fund units not company shares for purposes of Singapore treaty (Tribunal decision)
Gains from sales of mutual fund units thus not taxable in India under treaty
The Mumbai Bench of the Tribunal held that mutual fund units are not equivalent to company shares for purposes of the India-Singapore income tax treaty, under which gains from sales of shares in a company resident in India acquired after April 1, 2017, are taxable in India. Rather, gains from sales of mutual fund units fall under the residual clause, and are taxable in Singapore and not in India.
The case is: Anushka Sanjay Shah v. ITO
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