https://www.taxtmi.com/acts?id=11739 A resident individual patentee may deduct royalty income included in gross total income when derived from patents registered after the specified date; the deduction is limited to the royalty amount not exceeding the royalty allowable under a licence settled by the Controller where a compulsory licence is granted, or a statutory monetary ceiling, whichever is lower. Statutory definitions clarify that patent includes patents of addition, patentee denotes the true and first inventor recorded on the register, and royalty covers consideration (including lump sum) for transfer of rights, imparting information or use of the patent, excluding capital gains and product-sale consideration. en-us Thu, 16 Sep 2010 18:59:51 +0530 Fri, 17 Sep 2010 13:39:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=11739 A resident individual patentee may deduct royalty income included in gross total income when derived from patents registered after the specified date; the deduction is limited to the royalty amount not exceeding the royalty allowable under a licence settled by the Controller where a compulsory licence is granted, or a statutory monetary ceiling, whichever is lower. Statutory definitions clarify that patent includes patents of addition, patentee denotes the true and first inventor recorded on the register, and royalty covers consideration (including lump sum) for transfer of rights, imparting information or use of the patent, excluding capital gains and product-sale consideration. Act-Rules Bills Thu, 16 Sep 2010 18:59:51 +0530 https://www.taxtmi.com/acts?id=11739