Tax on income from units purchased in foreign currency or capital gains arising from their transfer

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.... (hereinafter referred to as Offshore Fund) includes- (a) income received in respect of units purchased in foreign currency; or (b) income by way of long-term capital gains arising from the transfer of units purchased in foreign currency, the income-tax payable shall be the aggregate of- (i) the amount of income-tax calculated on the income in respect of units referred to in clause (a), if ....

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....ng from the transfer of units, or both, no deduction shall be allowed to the assessee under sections 28 to 44C 2[****] or clause (i) or clause (iii) of section 57 or under Chapter VI-A 3[and nothing contained in the provisions of the second proviso to section 48 shall apply to income referred to in clause (b) of sub-section (1)]; (b) includes any income referred to in clause (a), the gross total....

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....means unit of a mutual fund specified under clause (23D) of section 10 or of the Unit Trust of India; (c) "foreign currency" shall have the meaning as in the 5[Foreign Exchange Management Act, 1999 (42 of 1999)]; (d) "public sector bank" shall have the meaning assigned to it in clause (23D) of section 10; (e) "public financial institution" shall have the meaning assigned to it in section 4A ....