Taxation of non-resident Indian investment income: flat tax treatment with rollover relief for reinvested long-term capital gains.

Chapter XII-A creates a special tax regime for non-resident Indians' incomes from assets acquired with convertible foreign exchange, defining convertible foreign exchange, foreign exchange asset, investment income, long-term capital gains and specified assets. It disallows deductions when computing investment income, limits Chapter VI-A deductions where gross income is solely investment income or long-term gains, prescribes a distinct tax computation for such incomes, grants rollover relief for reinvested long-term capital gains with recapture on early conversion, and provides filing, transitional continuation and opt-out election provisions.

---

---

---