Capital gain tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 June 2014
Dear sir
we have private limited company incorporated in India which is owned by the foreign company.
Now foreign company wants to transfer shares of Indian company to another company in abroad.
here My question is
1. whether the transfer of shares of one foreign company to another company are liable to capital gain in India as transaction takes place in foreign country.
2. In Case tax to paid, who has pay tax. as both seller and buyer is in outside india
Reply is awaited
any case law in this regard
we have private limited company incorporated in India which is owned by the foreign company.
Now foreign company wants to transfer shares of Indian company to another company in abroad.
here My question is
1. whether the transfer of shares of one foreign company to another company are liable to capital gain in India as transaction takes place in foreign country.
2. In Case tax to paid, who has pay tax. as both seller and buyer is in outside india
Reply is awaited
any case law in this regard
Nikhil Kaushik
(Expert)
17 June 2014
it is taxable in India. after vodafone amendments, there is no grey area left on this.
2. the tax is to be paid by seller.
go through the whole of vodafone controversy to understand this. the asset lies in India,..so section 9 will deem the income to arise in India
2. the tax is to be paid by seller.
go through the whole of vodafone controversy to understand this. the asset lies in India,..so section 9 will deem the income to arise in India
17 June 2014
1. yes taxable refer sec 9+ vodafones case
2.paid by seller.
2.paid by seller.
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