Budget 2015-16 says indirect transfer overseas
would be taxable in India if Indian assets are more
than Rs 10 crore and represent at least 50% of
the value of all global assets owned by the
company concerned. The much-criticized
retrospective amendment to the Income Tax Act
had made these transfers taxable in India if transfer
derives substantial value from Indian assets.
CBDT comes out with rules to measure fair market
value of shares and assets. Provisions made in
the Finance Act, 2015, are prospective.