Market won't react to CBDT holding triple taxation issue: Pro

The CBDT has held in abeyance, a circular on taxing indirect tax transfers that it had issued on December 21. Nirmal Jain of IIFL says market may not react to this news tomorrow and even on giving clarity to triple taxation laws, there may be not more than a medium-term impact on the market.CBDT's December circular could have led to multiple taxation of foreign investors.He adds that this CBDT rule of taxing capital gains may be regressive as taxing some certain foreign based India focussed funds will make them completely unviable.India is a very attractive market for foreign investors and they need to be provided with a level playing field in India, says Jonathan Schiessl from Ashburton Investments. There needs to be sensitive and consistent policies, he adds. He is not in favour of taxing FIIs who hold more than five percent stake in an India centric fund.He is positive on India in the long-term. Ketan Dalal of PwC expects the tax laws to be amended in the upcoming Budget.Watch video for more.