International Research Conference II on Real Estate Investment Trust (REITs)

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1 International Research Conference II on Real Estate Investment Trust (s) Punit Shah Partner Co-head of Tax, KPMG India 20 March 2015

2 structure Investors Sponsor Sponsor Contribution Units Investment Management agreement Borrowing Trustee Investment Management fees Investment Manager SPV Real estate assets 1

3 axability on transfer of property to RE EIT Sponsor Group (could be a Developer) Units in exchange of properties Option 1 Option for Transfer of property to Option 1 Transfer of directly held properties in exchange of units Taxability in the hands of sponsor No specific exemption on such transfer Taxable as per normal provisions at 20%/30%* Sponsor Group (could be a Developer) Units in exchange of shares in SPV Option 2 Option 2 Transfer of shares in SPV holding properties in exchange of units Such transfer is specifically exempt. Taxability deferred to the time of sale of units MAT Applicable Holding period and cost of shares available as holding period and cost of units SPVs Note: *The above rates are exclusive of surcharge and cess 24

4 axability of ongoing incomes Distribution of income to unit holders Interest / Dividend Rent / Capital gain Sponsor / Unit holders SPVs Distribution of income Rent / Capital gains on sale inal 5% subject to specified conditions he above rates are exclusive of surcharge and cess Sold on stock exchange and subject to STT paid Income** Rental income on property directly owned by Interest from SPV Dividend from SPV Capital gains on Sale of property / SPV Shares Capital gain on sale of units** ** Level SPV Level Unit Holders WHT WHT on distribution at 10% to R & at applicable rate for NR Sold by - Taxable at level (20%/30%) Other Income Tax at 30% NA NIL NA Interest payment to allowed as deduction DDT at 17.65% Sold by SPV Taxable at SPV level (20%/30%) Taxable (Income to included in the Total income of Unit holders) For R To be included in total income; For NR* level is final taxability ie.5% NA NA LTCG-Exempt (Subject to MAT) STCG - Tenant / lessee no to withhol tax on rental payment t No WHT a SPV level to withhold 10% fo R 5% for NR NIL NA NA 25

5 y challenges from a tax perspective Tax deferral not available for direct transfer of property to the MAT applicable (Twice) for the sponsors unit to be held more than 36 months for the gain to be qualified as LTCG No pass through for offshore investorss with respect to capital gains DDT / Big dampener in SPV structure Interest deductibility to 4

6 Thank you

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