Capital Gains on Mutual Funds by Singapore Resident Not Taxable in India: ITAT Mumbai

CA Ashwin Jain Anushka Sanjay Shah Vs ITO (ITAT Mumbai) Taxation of Mutual Fund Gains Under India-Singapore DTAA: In a significant ruling, the Mumbai ITAT held that capital gains earned by a non-resident (Singapore tax resident) from the sale/redemption of mutual fund units in India, when covered under Article 13(5) of the India-Singapore DTAA, are not taxable in India. Summary: In the case of Anushka Sanjay Shah vs ITO, the ITAT Mumbai addressed the taxability of short-term capital gains arising from the redemption of mutual fund units held by a non-resident Indian taxpayer, who is a tax res...