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of <h1>Tax Relief on Capital Gains: Section 54A Benefits for Non-Citizens and Non-Indian Companies on Indian Shares.</h1> Section 54A of the Income Tax Act, introduced by the Finance Act of 1965, provides tax relief on capital gains for non-citizen individuals and non-Indian companies. When capital gains arise from transferring shares in an Indian company, tax relief is available if the assessee reinvests the consideration in a government-approved investment within two years. The credit amount is proportional to the investment relative to the capital gains. If the investment is made before assessment completion, the credit adjusts the tax payable; if after, it is treated as a refund. Claims must be made in the prescribed form and manner.
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