9911796707
TMI Blog2012 (4) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... n of Indian Origin since 6.10.2003. The applicant has 1/4th interest in the tenancy rights of a flat in Purnima, 40 C, B.G.Kher Marg, Mumbai, and holds 596 shares in Parikh Agencies Pvt. Ltd, a dormant company holding ownership rights in immovable property in Mumbai. The applicant desired to know her tax liability under the Indian Tax Laws and under the laws of Netherlands in respect of the releas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Taxation Avoidance Agreement (DTAA) entered into between India and Netherlands, the gains derived from sale of shares are taxable in Netherlands, applicant being resident of Netherlands. As regards the capital gains on sale of tenancy rights, these are admittedly taxable in India under Article 6 of the DTAA, the tenancy rights being situated in India. On the other hand, the Revenue states that i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of fair market value. As regards the amount received on release of tenancy rights, the tenancy rights are in respect of real estate and would be gains derived from alienation of immovable property. As the immovable property is situated in India, the gains are taxable in India under Article 13.1 of the DTAA. As regard the gains derived from the sale of 596 shares of Parikh Agencies Pvt. Ltd., be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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