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of <h1>Rule 21AL: Indian Residents' Investment in Original Fund Must Not Exceed 5% During Asset Transfer to Cat III AIF.</h1> Rule 21AL of the Income Tax Rules, 1962, outlines a condition for the original fund when a capital asset is transferred to a resultant fund classified as a Category III Alternative Investment Fund. Specifically, it mandates that the total participation or investment by Indian residents in the original fund must not exceed five percent of the fund's corpus at the time of the asset transfer. The terms 'original fund' and 'resultant fund' are defined in the relevant sections of the Income Tax Act. This rule was introduced through Notification No. 80/2022 on July 8, 2022.
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