Tax on income from units purchased in foreign currency or capital gains arising from their transfer - Section 115AB

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..... nisation also known as Offshore Funds includes: - Nature of Income Rate of Tax (a) Income received in respect of units purchased in foreign currency 10% (b) Income by way of long-term capital gains arising from the transfer of units purchased in foreign currency 10% (c) On the balance income included in total income Normal rates (2) Where the gross total income by way of long-term capital gains ar .....

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..... ities transaction tax has been paid on the sale of such units. Short Term Capital Gains on units of equity oriented fund are taxable @15% u/s 111A provided securities transaction tax has been paid on the sale of such units. No deduction under chapter VI-A is allowed. No exemption from filing of return of income. Carry forward and set off of loss is allowed but unabsorbed depreciation not allowed. .....

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