Analysing the impact of Section 10(38) and the future of tax treaties

Analysing the impact of Section 10(38) and the future of tax treaties

Analysing the impact of Section 10(38) and the future of tax treaties 

Day and Date : Thursday, 27 April 2017
Time: 05:00 p.m. to 05:45 p.m. IST

The Finance Act, 2017 amended the provisions of section 10(38) of
the Income-tax Act, 1961 to provide that the exemption in relation to long-term capital gains shall be available for equity shares acquired on or after 1
October 2004 only if the acquisition of such equity shares was chargeable to Securities Transaction Tax (STT). This was done in order to curb the
practice of unaccounted income being declared as exempt long-term capital gains by entering into sham transactions. It was further provided that to protect exemption in genuine cases, the Government of India shall notify the cases where the condition of STT being paid on acquisition of equity shares shall not apply.

The Central Board of Direct Taxes (CBDT) on 3 April 2017 issued a draft notification wherein it is mentioned that the condition of applicability
of STT shall not apply to any of the transactions of acquisition of equity
shares on or after 1 April 2004 except in case of specified transactions.  

Separately, over the last twelve months, the Government of India has amended its Double Taxation Avoidance Agreement (DTAA) with Mauritius, Cyprus and Singapore to withdraw the capital gains tax benefit available on disposal of shares under the said DTAAs. There are several other DTAAs which India has entered into where the capital gains tax benefit still exists such as Spain, Sweden, France, etc. Are these DTAAs likely to be renegotiated to align them with the recently amended DTAAs of Mauritius,
Cyprus and Singapore? 

To share our key insights with reference to the above developments, KPMG in India is pleased to invite you to join our knowledge sharing webinar. 

Our speakers:

  1. Girish Vanvari – Partner and Head, Tax, KPMG in India
  2. Sunil Badala – Financial Services Tax Expert

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