https://www.taxtmi.com/caselaws?id=204941 The Authority for Advance Rulings held that non-residents are not eligible for the lower tax rate of 10% on long-term capital gains under the proviso to Section 112(1) of the Income Tax Act. The ruling clarified that this benefit is only available to assets eligible for indexation under the second proviso to Section 48, which non-residents are not entitled to. Therefore, non-residents, in this case, cannot avail the lower tax rate on long-term capital gains, emphasizing the legislative intent and specific provisions of the tax law. en-us Mon, 01 Aug 2011 00:00:00 +0530 Fri, 04 Nov 2011 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204941 The Authority for Advance Rulings held that non-residents are not eligible for the lower tax rate of 10% on long-term capital gains under the proviso to Section 112(1) of the Income Tax Act. The ruling clarified that this benefit is only available to assets eligible for indexation under the second proviso to Section 48, which non-residents are not entitled to. Therefore, non-residents, in this case, cannot avail the lower tax rate on long-term capital gains, emphasizing the legislative intent and specific provisions of the tax law. Case-Laws Income Tax Mon, 01 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204941