(1) Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other State.
(2) Gains from the alienation of movable property forming part of the business property of a permanent establishment which an enterprise of a Contracting State has in the other Contracting State, including such gains from the alienation of such a permanent establishment (alone or with the whole enterprise), may be taxed in that other State.
(3) Gains from the alienation of ships or aircraft operated in international traffic, or movable property pertaining to the operation of such ships or aircraft, shall be taxable only in the Contracting State in which the place of effective management of the enterprise is situated.
*(4) Gains derived from the alienation of shares, bonds and any other securities or similar instruments, listed on a recognized securities market of a Contracting State shall be taxable only in the other Contracting State.
#(5) Gains derived from the alienation of shares in a company other than those referred to in paragraphs 1 to 4 such as securities, bonds, debentures and the like, shall be taxable only in the State of which the alienator is a resident.