Relief of tax on capital gains: credit for reinvestment in approved investments reduces tax payable when reinvested within prescribed period. Provision grants relief of tax on capital gains for nonresident individuals and foreign companies transferring shares of an Indian company who reinvest consideration in an approved investment within two years. The relief is a credit proportionate to the invested amount reduced by the cost of acquisition and applied against the tax on the capital gain. If reinvestment occurs before completion of assessment the credit is adjusted against tax payable on that assessment; if after assessment the credit, on claim, is treated as a deemed refund under the Act.