A substantial amount of investments into the real estate sector in India had come through the Cyprus route. After the government in November 2013 notified Cyprus as a non-cooperative jurisdiction over tax matters, concerns had risen over the applicability of exemption from capital gains tax for existing deals. The amended tax treaty provides India the right to tax capital gains on the sale of shares by a Cyprus company. However, what comes as a major relief is that investments made prior to April 1, 2017, will not be liable to capital gains tax in India.
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