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The Finance Ministry has finalised new norms for GAAR. They will come into effect from April 1, 2016.
GAAR will not apply to such FIIs that choose not to take any benefit under DTAA. GAAR will also not apply to non-resident investors in FII.
Investments made before August 30, 2010, will be grandfathered. A monetary threshold of Rs 3 crore of tax benefit in the arrangement will be provided in order to attract the provisions of GAAR.
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