India Provides GAAR Exemption for Investments Made before April 2017

India's Central Board of Direct Taxes has issued Notification 54/2026 and Notification 55/2026, which make corresponding amendments to the Income Tax Rules 1962 and the Income Tax Rules 2026 in relation to the application of the general anti-avoidance rule (GAAR) on income from the transfer of investments. The notifications essentially provide that the GAAR provisions in Chapter X-A of the Income Tax Act 1961 and Chapter XI of the Income Tax Act 2025 do not apply to income (gains) from the …