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TMI BlogINCOME NOT TO BE INCLUDED IN TOTAL INCOME OF CERTAIN ELIGIBLE PERSONS INCLUDING INVESTMENT FUNDS, BUSINESS TRUSTS AND THEIR UNIT HOLDERSX X X X Extracts X X X X X X X X Extracts X X X X ..... s of business or profession". A unit holder of an investment fund. Nil. 3. Any income by way of- (a) interest received or receivable from a special purpose vehicle; or (b) dividend received or receivable from a special purpose vehicle. A business trust. 4. Any income by way of renting or leasing or letting out any real estate asset owned directly by such business trust. A business trust, being a real estate investment trust. 5. Any distributed income referred to in section 223 Any unit holder of a business trust. Exemption shall not be allowed on that proportion of the income which is of the same nature as-- (a) interest received or receivable from a special purpose vehicle by the business trust; or (b) dividend received or receivable from a special purpose vehicle by the business trust (in a case where the special purpose vehicle has exercised the option under section 200; or (c) income of a business trust by way of renting or leasing or letting out any real estate asset owned directly by such business trust. 6. Any income from investment in a venture capital undertaking. Venture capital company or venture capital fund other than being an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o such investments, directly or indirectly, which is exempt herein shall be calculated proportionately to the investment made in one or more of the eligible infrastructure entity, in such manner, as prescribed; (g) where an eligible Non-Banking Financial Company has lending of less than 100% in one or more of the eligible infrastructure entity, income accrued or arisen or received or attributable to such lending, directly or indirectly, which is exempt herein shall be calculated proportionately to the lending made in eligible infrastructure entity, in such manner, as prescribed; (h) in case a sovereign wealth fund or pension fund has loans or borrowings, directly or indirectly, for the purposes of making investment in India, such fund shall be deemed to be not eligible for exclusion from total income. 8. Any income falling under section 10(23F) and (23FA) of the Income-tax Act, 1961 (43 of 1961), subject to the conditions as specified therein. Note 1: For the purposes of Sl. Nos. 1 and 2,-- "investment fund" shall have the meaning assigned to it in section 224(10)(a). Note 2: For the purposes of Sl. No. 3,-- "special purpose vehicle" means an Indian comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Category I Alternative Investment Fund under the Alternative Investment Funds Regulations or as referred to regulation 18(2) of the International Financial Services Centres Authority (Fund Management) Regulations, 2022 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019), and which fulfils the following conditions:- (I) it has invested not less than two-thirds of its investible funds in unlisted equity shares or equity linked instruments of venture capital undertaking; (II) it has not invested in any venture capital undertaking in which its trustee or the settler holds, either individually or collectively, equity shares in excess of 15% of the paid-up equity share capital of such venture capital undertaking; and (III) the units, if any, issued by it are not listed in any recognised stock exchange; or (IV) any other condition as prescribed; or (ii) operating as a venture capital scheme made by the Unit Trust of India ; (c) "venture capital undertaking" means- (i) a venture capital undertaking as defined in clause (n) of regulation 2 of the Venture Capital Funds Regulations; or (ii) a venture capital undertaking as defined in clau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in such notification; and (E) satisfies such other conditions as prescribed; (b) "investee" means a business trust or eligible infrastructure entity or eligible Alternate Investment Fund or eligible domestic company or eligible Non-Banking Financial Company, in which the sovereign wealth fund or the pension fund has made the investment directly or indirectly as provided herein; (c) "loan and borrowing" means- (i) any loan taken, or borrowing by a sovereign wealth fund from, or any deposit or investment made in a sovereign wealth fund by any person other than the Government of the country in which the sovereign wealth fund is set up; (ii) any loan taken, or borrowing by a pension fund from, or any deposit or investment made in a pension fund by any person, but shall not include-- (A) the deposit or investment which represents statutory obligations and defined contributions of one or more funds or plans established for providing retirement, social security, employment, disability or death benefits; or (B) any similar compensation to the participants or beneficiaries of such funds or plans, as the case may be; (d) "eligible infrastructure entity" means a company or ente ..... 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