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of <h1>Ambiguity in Section 214: whether LTCG on non-specified assets taxed at 20% or general rates</h1> Two versions of Section 214 create special tax rules for NRIs: both impose 12.5% on long-term capital gains (LTCG) from 'specified assets' and a 20% rate on certain investment income, but the Bill expressly taxed LTCG on non-specified assets at 20% while the enacted text limits the 20% entry to 'income from investment' and omits explicit reference to LTCG on non-specified assets. That omission creates uncertainty whether such LTCG remain at 20% or fall to general 'rates in force.' No definitions, provisos, effective date, or resolving guidance are provided in the texts.
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