This provides for source-based taxation of capital gains on share sale. The double taxation avoidance agreement grand fathers all income prior to 1 April 2017. On June 29, 2016, the negotiation on the Double Taxation Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income between Cyprus and India has been successfully completed, in New Delhi.

India and Cyprus successfully complete negotiations on the bilateral tax treaty

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