GAAR exceptions carve out low value benefits and specific investor investments from anti avoidance applicability. The rule exempts from Chapter X-A the General Anti Avoidance Rule where the aggregate tax benefit to all parties in the relevant year falls below a specified threshold, and also excludes specified investors and structures such as certain Foreign Institutional Investors, non-residents investing via those investors or offshore derivative instruments, and transfers of investments made before a cutoff date; it further provides that Chapter X-A may apply to tax benefits obtained on or after that cutoff regardless of arrangement date and defines key terms for consistent computation of tax benefit.