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« Various Acts & Rules »
 Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage
 Customs Tariff 2009-10 - PART-II - Chapter 97 - Works of art, collectors' pieces and antiques
 Customs Tariff 2009-10 - PART-II - Chapter 96 - Miscellaneous manufactured articles
 Customs Tariff 2009-10 - PART-II - Chapter 95 - Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
 Customs Tariff 2009-10 - PART-II - Chapter 93 - Arms and ammunition; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 92 - Musical instruments; parts and accessories of such articles
 Customs Tariff 2009-10 - PART-II - Chapter 91 - Clocks and watches and parts thereof
 Customs Tariff 2009-10 - PART-II - Chapter 90 - Optical, photographic, cinematographic, measuring
 Customs Tariff 2009-10 - PART-II - Chapter 89 - Ships, boats and floating structures
 Customs Tariff 2009-10 - PART-II - Chapter 88 - Aircraft, spacecraft, and parts thereof

Income-Tax Act - Section No. 115C
September, 01st 2010

37[Chapter XII-A

Special provisions relating to certain incomes of non-residents


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 the Foreign Exchange Regulation Act, 1973 (46 of 1973), 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 38[other than dividends referred to in section 115-O] 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 company39 as defined in the Companies Act, 1956 (1 of 1956);

    (iii)  deposits with an Indian company which is not a private company39 as defined in the Companies Act, 1956 (1 of 1956);

     (iv)  any security of the Central Government as defined in clause (2) of section 240 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.

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