TMI BlogTax on income from units purchased in foreign currency or capital gains arising from their transferX X X X Extracts X X X X X X X X Extracts X X X X ..... cial organisation (hereinafter referred to as Offshore Fund) includes- ( a ) income received in respect of units purchased in foreign currency; or ( b ) income by way of long-term capital gains arising from the transfer of units purchased in foreign currency, the income-tax payable shall be the aggregate of- ( i ) the amount of income-tax calculated on the income in respect of units re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 57 or under Chapter VI-A 3 [ and nothing contained in the provisions of the second proviso to section 48 shall apply to income referred to in clause ( b ) of sub-section (1) ]; ( b ) includes any income referred to in clause ( a ), the gross total income shall be reduced by the amount of such income and the deduction under Chapter VI-A shall be allowed as if the gross total income as so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rrency shall have the meaning as in the 5 [Foreign Exchange Management Act, 1999 (42 of 1999)]; ( d ) public sector bank shall have the meaning assigned to it in clause ( 23D ) of section 10; ( e ) public financial institution shall have the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956); ( f ) Unit Trust of India means the Unit Trust of India establi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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