Interpretation
[As per the Income Tax Act, 2025 (this Act) w.e.f. 1st April, 2026.]
- (a) “foreign exchange asset” means any specified asset which the assessee has acquired or purchased with, or subscribed to in, convertible foreign exchange;
- (b) “investment income” means any income derived from a foreign exchange asset;
- (c) “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;
- (d) “non-resident Indian” means an individual, who is not a resident and is—
- (i) a citizen of India; or
- (ii) a person of Indian origin;
- (e) “specified asset” means any of the following assets:—
- (i) shares in an Indian company; or
- (ii) debentures issued by an Indian company which is not a private company as defined in the Companies Act, 2013; or
- (iii) deposits with an Indian company which is not a private company as defined in the Companies Act, 2013; or
- (iv) any security of the Central Government as defined in section 2(c) of the Public Debt Act, 1944; or
- (v) such other assets as the Central Government may specify in this behalf by notification.
