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of <h1>NRIs: Investment income cannot be reduced by expenses; Chapter VI-A deductions disallowed and second proviso to Section 48 inapplicable</h1> For non-resident Indians, investment income cannot be reduced by any expenditure or allowance when computing taxable investment income. If the assessee's gross total income consists solely of investment income and/or long-term capital gains, Chapter VI-A deductions are disallowed and the second proviso to section 48 does not apply to capital gains. If the gross total income includes such investment income or long-term capital gains alongside other income, the gross total income is first reduced by those amounts and Chapter VI-A deductions are then allowed as if that reduced amount were the gross total income.
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