AIFs not subject to capital gains exception

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On 2 May 2016, the Central Board of Direct Taxes issued an instruction clarifying that income from the transfer of unlisted shares shall be considered under “capital gains”, irrespective of the period of holding except when: (1) the genuineness of the transaction is questionable; (2) the transfer of unlisted shares is related to an issue pertaining to lifting the corporate veil; (3) the transfer of unlisted shares is made along with control and management of underlying business.

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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bengaluru, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.

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