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

Share
April 21, 2025

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

Read an April 2025 report prepared by the KPMG member firm in India 

Thank you!

Thank you for contacting KPMG. We will respond to you as soon as possible.

Contact KPMG

Use this form to submit general inquiries to KPMG. We will respond to you as soon as possible.

By submitting, you agree that KPMG LLP may process any personal information you provide pursuant to KPMG LLP's . Privacy Statement

An error occurred. Please contact customer support.

Job seekers

Visit our careers section or search our jobs database.

Submit RFP

Use the RFP submission form to detail the services KPMG can help assist you with.

Office locations

International hotline

You can confidentially report concerns to the KPMG International hotline

Press contacts

Do you need to speak with our Press Office? Here's how to get in touch.

Headline