Section 215 - Capital gains on transfer of foreign exchange assets not to be charged in certain cases.

Capital gains rollover for non-resident Indians: reinvestment in specified assets within prescribed period defers tax under income provisions.

Capital gains on transfer of a foreign exchange asset by a non resident Indian are not charged if the net consideration is invested in a specified asset within six months; full exemption applies where the new asset's cost equals or exceeds the net consideration, while a proportional exemption follows the formula A = B x C / D when the cost is less. Defined terms include cost for specified deposits and net consideration as consideration less transfer expenses, and a three year recapture rule renders the exempted gain taxable if the new asset is converted into money within that period.