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of <h1>Rule 21AIA: Specified funds must document resident unit holders, enforce three-month exit, certify compliance for exemption</h1> Rule 21AIA requires a specified fund claiming exemption under clause (4D) of section 10 to ensure unit holders who become residents subsequently (other than sponsor/manager) exit within three months from the end of the year they become resident, maintain specified records for unit holders (name, tax ID in country of residence at issuance, PAN if available, units and value held, sponsor/manager status, year of residency, date of exit), certify compliance and file these details in the annual exempt income statement (Form 10-IG). Income attributable to non-resident units is not exempt unless these requirements are met. The term 'specified fund' is defined as per the Explanation to clause (4D).
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