Section 115C - Definitions - Income-tax Act, 1961

1 [CHAPTER XII-A Special provisions relating to CERTAIN INCOMES of non-residents Definitions. 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 3 [ the Foreign Exchange Management Act, 1999 (42 of 1999) ] , 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 4 [****] 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 company as defined in the Companies Act, 1956 (1 of 1956); (iii) deposits with an Indian company which is not a private company as defined in the Companies Act, 1956 (1 of 1956); (iv) any security of the Central Government as defined in clause (2) of section 2 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. ] **************** NOTES:- 1. Inserted vide Section 36 of the Finance Act, 1983 w.e.f. 01-06-1983 2. Inserted vide Section 54 of the Finance Act, 2003 w.e.f. 01-04-2004 Earlier , Inserted vide Section 35 of the Finance Act, 1997 w.e.f. 01-04-1998 And was Omitted vide Section 50 of the Finance Act, 2002 w.e.f. 01-04-2003 before it was read as, other than dividends referred to in section 115-O 3. Substituted vide Section 4 of the Finance Act, 2013 w.e.f. 01-04-2014 before it was read as, the Foreign Exchange Regulation Act, 1973 (46 of 1973) . 4. Omitted vide Section 55 of the Finance Act, 2020 w.e.f. 01-04-2021 before it was read as, 2 [ other than dividends referred to in section 115-O ]