https://www.taxtmi.com/caselaws?id=205412 Authorised dealers remitting sale proceeds from foreign exchange assets of non-resident Indians are governed by the specific withholding rule, which displaces the general rule and applies only where the transferred asset is a long-term capital asset. Accordingly, no withholding liability arises for remittances involving short-term capital gains. Under the Indo-UAE treaty, "liable to tax" denotes fiscal liability and treaty eligibility rather than actual tax collection in the UAE. UAE residents may therefore obtain treaty protection despite the absence of an operative income-tax law there, excluding Indian tax liability for the stated capital gains and related withholding obligations. en-us Fri, 29 Oct 2010 00:00:00 +0530 Fri, 20 Jan 2012 14:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205412 Authorised dealers remitting sale proceeds from foreign exchange assets of non-resident Indians are governed by the specific withholding rule, which displaces the general rule and applies only where the transferred asset is a long-term capital asset. Accordingly, no withholding liability arises for remittances involving short-term capital gains. Under the Indo-UAE treaty, "liable to tax" denotes fiscal liability and treaty eligibility rather than actual tax collection in the UAE. UAE residents may therefore obtain treaty protection despite the absence of an operative income-tax law there, excluding Indian tax liability for the stated capital gains and related withholding obligations. Case-Laws Income Tax Fri, 29 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205412