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of <h1>Non-resident Indians exempt from capital gains tax on foreign assets if reinvested within six months under Clause 215.</h1> Clause 215 of the Income Tax Bill, 2025, outlines that non-resident Indians are exempt from capital gains tax on long-term gains from transferring foreign exchange assets if they reinvest the net consideration into specified assets within six months. If the cost of the new asset equals or exceeds the net consideration, the entire gain is exempt. If it is less, a proportional exemption applies. The provision also states that if the new asset is transferred or converted into money within three years, the previously exempted gain is taxable in that year.
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