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TMI BlogInsertion of new chapter XII-AX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... both, the tax payable by him on his total income shall be the amount of income-tax calculated on such total income at the rate of twenty per cent. of such income as increased by a surcharge for purposes of the Union at the rate of twelve and half per cent. of such income-tax. (2) Where the total income of an assessee, being a non-resident Indian includes any income of the nature referred to in sub-section (1), the tax payable by him on his total income shall be - (i) the aggregate of the income-tax and surcharge payable by him in accordance with the provisions of sub-section (1) on income of the nature referred to in that sub-section included in the total income; plus (ii) the amount of income-tax chargeable on the total income as reduced ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 45. Explanation : For the purposes of this sub-section, - (i) cost , in relation to any new asset, being a deposit referred to in clause (4A) of section 10 or referred to in sub-clause (iii), or specified under sub-clause (v), of clause (f) of section 115C, means the amount of such deposit; (ii) net consideration , in relation to the transfer of the original asset, means the full value of the consideration received or accruing as a result of the transfer of such asset as reduced by any expenditure incurred wholly and exclusively in connection with such transfer. (2) Where the new asset is transferred or converted (otherwise than by transfer) into money, within a period of three years from the date of its acquisition, the amount of capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d from any foreign exchange asset being an asset of the nature referred to in sub-clause (ii) or sub-clause (iii) or sub-clause (iv) or sub-clause (v) of clause (f) of section 115C; and if he does so, the provisions of this Chapter shall continue to apply to him in relation to such income for that assessment year and for every subsequent assessment year until the transfer or conversion (otherwise than by transfer) into money of such assets. 115-I. Chapter not to apply if the assessee so chooses. - A non-resident Indian may elect not to be governed by the provisions of this Chapter for any assessment year by furnishing to the Income-tax Officer his return of income for that assessment year under section 139 together with a declaration in wri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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