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PROTOCOL TO AMEND INDIA-MAURITIUS TAX TREATY RELEASED ON 10TH MAY,2016

On 10th May, India and Mauritius have signed the protocol for revamping/amending the convention for the avoidance of Double Taxation and prevention of fiscal evasion with respect to taxes on income and capital gains. This treaty is likely to eliminate the benefits of investing in India via Mauritius. It will kick start on and from 1st April 2017.

The key points from the protocol are as follows :

  1. In case of shares of an Indian resident company are transferred by a Mauritius tax resident, the taxation of capital gains earned on transfer is likely to be as under:

    • Investments made upto 31st March, 2017 and sold at any point of time (Grandfathering Provision) :-
      In case of Long term capital gains : Exempted
      In case of Short term capital gains : Exempted

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13 May 2016
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