Computation of exempt income of specified fund for the purposes of clause (23FF) of section 10

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....cified fund, which is attributable to units held by non-resident (not being a permanent establishment of a non-resident in India) in such specified fund shall be computed as under:- (i) where the specified fund files Form No. 10-II in accordance with sub-rule (2), the Income exempt under clause (23FF) of section 10= [A*B/C], where,- A = income of the nature of capital gains, aris....

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....t' of the specified fund, from the date of acquisition of the share of a company resident in India by the specified fund to the date of transfer of such share. (ii) where no Form No.10-II is filed by the specified fund, the exempt income shall be NIL. (2) The specified fund shall furnish an annual statement of exempt income in Form No.10-II electronically under digital signature on....

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.... rule, the expressions,- (a) "assets under management" means the closing balance of the value of assets or investments of the specified fund as on a particular date; (b) "due date" shall have the meaning assigned to it in the Explanation 2 below sub-section (1) of section 139; (c) "original fund", "relocation" and "resultant fund" shall have the meanings respectively ass....