Taxation of non-resident Indian investment income: flat tax treatment with rollover relief for reinvested long-term capital gains. Chapter XII-A creates a special tax regime for non-resident Indians' incomes from assets acquired with convertible foreign exchange, defining convertible foreign exchange, foreign exchange asset, investment income, long-term capital gains and specified assets. It disallows deductions when computing investment income, limits Chapter VI-A deductions where gross income is solely investment income or long-term gains, prescribes a distinct tax computation for such incomes, grants rollover relief for reinvested long-term capital gains with recapture on early conversion, and provides filing, transitional continuation and opt-out election provisions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Taxation of non-resident Indian investment income: flat tax treatment with rollover relief for reinvested long-term capital gains.
Chapter XII-A creates a special tax regime for non-resident Indians' incomes from assets acquired with convertible foreign exchange, defining convertible foreign exchange, foreign exchange asset, investment income, long-term capital gains and specified assets. It disallows deductions when computing investment income, limits Chapter VI-A deductions where gross income is solely investment income or long-term gains, prescribes a distinct tax computation for such incomes, grants rollover relief for reinvested long-term capital gains with recapture on early conversion, and provides filing, transitional continuation and opt-out election provisions.
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