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of <h1>Section 115F grants capital gains tax exemption for non-residents transferring foreign assets with reinvestment conditions</h1> Section 115F of the Income Tax Act, 1961 provides capital gains tax exemption for non-resident individuals transferring foreign exchange assets. When long-term capital gains arise from such transfers, the gains are not charged under section 45 if the assessee reinvests the net consideration in specified assets or savings certificates within six months. Complete exemption applies when the new asset cost equals or exceeds net consideration; partial exemption applies proportionally when the cost is less. The exemption is withdrawn if the new asset is transferred or converted to money within three years of acquisition, with the previously exempted gains becoming taxable in that year.
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