15 November 2011

India: AAR orders capital gains exemption for Ardex Investment

The Authority for Advance Rulings (AAR) in the case of Ardex Investments Mauritius Ltd. (the applicant) held that capital gains on the proposed sale of shares of an Indian company to the foreign company is not chargeable to tax in India in view of Article 13(4) of the India-Mauritius tax treaty.

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