Computation of exempt income in nature of capital gains in connection with relocation of original fund, etc.

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....gains, arising or received by a specified 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: - (a) where the specified fund files Form No. 178 in accordance with sub-rule (2), the income exempt under Schedule VI [Table: Sl. No. 10] to the Act = [(AxB)/C], where, - ....

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....gate of daily total assets under management 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; and (b) if Form No. 178 is not 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. 178 elect....