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Category-III AIFs Get Tax Breather From Delhi HC
Business Standard
|July 31, 2025
The Delhi High Court has provided long-awaited tax clarity related to a circular issued by the Central Board of Direct Taxes (CBDT) in 2014, giving relief to Category-III alternative investment funds (AIFs), which employ complex trading strategies, including leveraging and hedging, to generate short-term returns.
Hedge funds and private investment in public equity funds fall into this category. Industry players said due to the 2014 CBDT circular, Category-III AIFs had to pay a tax of 40 per cent on gains while those in Karnataka and Tamil Nadu paid only 12.5 per cent.
In an order dated July 29, the HC quashed an order by the Board of Advance Rulings (BAR), which rejected the application for withdrawal filed by Equity Intelligence AIF Trust. The BAR had held that if the names of the beneficiaries were not set out in the original trust deed, then such trust would be treated as indeterminate and will be subject to a "maximum marginal rate".
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