Section 115C - Definitions - Income-tax Act, 1961

1 [ CHAPTER XII-A Special provisions relating to CERTAIN INCOMES of non-residents Definitions. 115C. In this Chapter, unless the context otherwise requires,- ( a ) convertible foreign exchange means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of 3 [the Foreign Exchange Management Act, 1999 (42 of 1999)], and any rules made thereunder; ( b ) foreign exchange asset means any specified asset which the assessee has acquired or purchased with, or subscribed to in, convertible foreign exchange; ( c ) investment income means any income derived 4 [****] from a foreign exchange asset; ( d ) long-term capital gains means income chargeable under the head Capital gains relating to a capital asset, being a foreign exchange asset which is not a short-term capital asset; ( e ) non-resident Indian means an individual, being a citizen of India or a person of Indian origin who is not a resident . Explanation. -A person shall be deemed to be of Indian origin if he, or either of his parents or any of his grand-parents, was born in undivided India; ( f ) specified asset means any of the following assets, namely :- ( i ) shares in an Indian company; ( ii ) debentures issued by an Indian company which is not a private company as defined in the Companies Act, 1956 (1 of 1956); ( iii ) deposits with an Indian company which is not a private company as defined in the Companies Act, 1956 (1 of 1956); ( iv ) any security of the Central Government as defined in clause ( 2 ) of section 2 of the Public Debt Act, 1944 (18 of 1944); ( v ) such other assets as the Central Government may specify in this behalf by notification in the Official Gazette. ------------------------ Notes :- 1. Chapter XII-A, consisting of sections 115C, 115D, 115E, 115F, 115G, 115H and 115-I, inserted by the Finance Act, 1983, w.e.f. 1-6-1983. 2. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004. Words other than dividends referred to in section 115-O inserted by the Finance Act, 1997, w.e.f. 1-4-1998 and later on omitted by the Finance Act, 2002, w.e.f. 1-4-2003. 3. Substituted vide Finance Act, 2013 w.e.f. April 1, 2014 , before it was read as the Foreign Exchange Regulation Act, 1973 (46 of 1973) . 4. Omitted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2021 before it was read as 2 [ other than dividends referred to in section 115-O ]