Long-term capital gains for non-residents: tax treatment varies by asset class with fixed-rate or indexation-based regimes. Long-term capital gains for non-residents are determined by asset class with rules on applicability of the cost of acquisition provisos, availability of indexation, and whether a preferential flat rate or indexation based tax regime applies; many off market, unlisted or non STT transactions lose the general slab exemption while public offer and STT paid exchange transactions may be exempt or receive special cost treatment.