25/02/2019
SPECIAL PROVISIONS IN THE CASE OF A NON-RESEDENT INDIAN[SEC 115F] :- If the following conditions are satisfied, one can take the benefit of section 115F :
• The taxpayer is a non-resident Indian (ie., an individual being a citizen of India or a person of Indian origin who is non-resident; 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).
• He has transferred a specified asset [ie., shares in an Indian company, debentures of an Indian public limited company, deposits with an Indian public limited company or Central Government securities (hereinafter referred to as “original asset")] which has been acquired or purchased with, or subscribed to in, convertible foreign exchange.
• Such asset is a Long-term capital asset.
• Within 6 months of the transfer of the original asset, the taxpayer has invested the whole or any part of net consideration (ie., consideration less expenses on transfer) in any of the following assets (hereinafter referred to as “new asset")
a. shares in an Indian company;
b. debentures of an Indian public limited company ;
c. deposit with an Indian public limited company (including a banking company) ;
d. Central Government securities ; or
e. National Savings Certificates VI and VII Issues.
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