(1) Gains from the alienation of immovable property, as defined in paragraph (2) of Article 7 of this Regulation, shall be taxed in the Member State in which such property is situated.
(2) Gains from the alienation of movable property forming part of the business property of a permanent establishment which an enterprise of a Member State has in the other Member State or of movable property pertaining to a fixed base available to a resident of a Member State in the other Member State for the purpose of performing independent personal services, including such gains from the alienation of such a permanent establishment, alone or with the whole enterprise, or of such fixed base, 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 ship, aircraft or boats, shall be taxable only in the Member State where the place of effective management of the enterprise is situated.
(4) Gains from the alienation of shares or parts in the capital of a company whose assets are directly or indirectly constituted for more than 50% of their value of immovable property situated in a Member State may be taxed in that State.
(5) Gains from the alienation of any property other than that referred to in paragraphs (1), (2), (3) and (4) of this Article shall be taxable only in the Member State of which the alienator is a resident.