115E Income Tax Act - Tax on investment income and long-term capital gains

Section 115E of Income Tax Act 1961 - Tax on investment income and long-term capital gains

1Where the total income of an assessee, being a non-resident Indian, includes-

(a) any income from investment or income from long-term capital gains of an asset other than a specified asset;

(b) income by way of long-term capital gains, the tax payable by him shall be the aggregate of-

(i) the amount of income-tax calculated on the income in respect of investment income referred to in clause (a), if any, included in the total income, at the rate of twenty per cent;

(ii) the amount of income-tax calculated on the income by way of long-term capital gains referred to in clause (b), if any, included in the total income, at the rate of ten per cent; and

(iii) the amount of income-tax with which he would have been chargeable had his total income been reduced by the amount of income referred to in clauses (a) and (b).

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1. Subs. by Act 26 of 1997, s. 36, for section 115E (w.e.f. 1-4-1998).