International Tax Agreements Act 1953
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Hide history noteIncome, profits or gains derived by a resident of a territory from the alienation of real property situated in the other territory may be taxed in that other territory.
2.
Income, profits or gains from the alienation of property, other than real property, that forms part of the business property of a permanent establishment which an enterprise of a territory has in the other territory or pertains to a fixed base available in that other territory to a resident of the first-mentioned territory for the purpose of performing independent personal services, including income, profits or gains from the alienation of that permanent establishment (alone or with the whole enterprise) or of that fixed base, may be taxed in that other territory.
3.
Income, profits or gains from the alienation of ships or aircraft operated in international traffic, or of property (other than real property) pertaining to the operation of those ships or aircraft, shall be taxable only in the territory of which the enterprise operating those ships or aircraft is a resident.
4.
Income, profits or gains derived by a resident of a territory from the alienation of shares or comparable interests in a company, the assets of which consist wholly or principally of real property situated in the other territory, may be taxed in that other territory.
5.
Nothing in this Agreement shall affect the application of a law of a territory relating to the taxation of gains of a capital nature derived from the alienation of any property other than that to which any of the preceding paragraphs of this Article apply.
6.
In this Article, the term " real property " has the same meaning as it has in Article 6.
7.
The situation of real property shall be determined for the purposes of this Article in accordance with paragraph 3 of Article 6.
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