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of <h1>Tax Benefits for NRIs Shifting Residency: Navigating Asset Taxation Under Clause 217 and Section 115H with Strategic Declaration</h1> Concise Legal Summary:The text analyzes Clause 217 of the Income Tax Bill, 2025, and Section 115H of the Income-tax Act, 1961, addressing tax benefits for non-resident Indians becoming residents. These provisions allow continued concessional tax treatment on specific foreign exchange assets upon residential status change, subject to a written declaration to the tax authority. Key differences include Clause 217's exclusion of Indian company shares, reflecting evolving tax policy. The provisions aim to incentivize investment by providing tax certainty, balancing investor interests with revenue protection while establishing clear procedural requirements for maintaining preferential tax treatment.
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