Tax on income from units purchased in foreign currency or capital gains arising from their transfer

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..... anisation (hereinafter referred to as Offshore Fund) includes- ( a ) income received in respect of units purchased in foreign currency; or ( b ) income by way of long-term capital gains arising from the transfer of units purchased in foreign currency, the income-tax payable shall be the aggregate of- ( i ) the amount of income-tax calculated on the income in respect of units referred to in clause .....

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..... ns arising from the transfer of units, or both, no deduction shall be allowed to the assessee under sections 28 to 44C 2 [ *** ] or clause ( i ) or clause ( iii ) of section 57 or under Chapter VI-A 3 [ and nothing contained in the provisions of the second proviso to section 48 shall apply to income referred to in clause ( b ) of sub-section (1) ]; ( b ) includes any income referred to in clause ( .....

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..... s purpose; ( b ) unit means unit of a mutual fund specified under clause ( 23D ) of section 10 or of the Unit Trust of India; ( c ) foreign currency shall have the meaning as in the 5 [Foreign Exchange Management Act, 1999 (42 of 1999)]; ( d ) public sector bank shall have the meaning assigned to it in clause ( 23D ) of section 10; ( e ) public financial institution shall have the meaning assigned .....

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