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Foreign exchange asset taxation allows continued special treatment for resident-status changes, with an option to opt out. Section 217 allows a non-resident Indian who later becomes resident to retain the benefits of sections 212 to 216 for investment income from a qualifying foreign exchange asset, other than shares in an Indian company, if a written declaration is filed with the return of income. The benefit continues for the relevant and subsequent tax years until the asset is transferred or converted into money. A non-resident Indian may also opt out of these special provisions for any tax year by declaring so in the return, in which case income is taxed under the other provisions of the Act.
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.
<h1>Foreign exchange asset taxation allows continued special treatment for resident-status changes, with an option to opt out.</h1> Section 217 allows a non-resident Indian who later becomes resident to retain the benefits of sections 212 to 216 for investment income from a qualifying foreign exchange asset, other than shares in an Indian company, if a written declaration is filed with the return of income. The benefit continues for the relevant and subsequent tax years until the asset is transferred or converted into money. A non-resident Indian may also opt out of these special provisions for any tax year by declaring so in the return, in which case income is taxed under the other provisions of the Act.
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