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CS Professional · Advanced Direct Tax Laws and Practice · Income Tax Implication on Specified Transactions

Under the Income-tax Act, 2025, section 215 exemption on the transfer of a foreign exchange asset is available to which assessee?

The exemption is available to a non-resident Indian. Section 215(1) of the Income-tax Act, 2025 applies only where the assessee is an NRI who earns long-term capital gains on transfer of a foreign exchange asset and reinvests the net consideration in a specified asset.

  1. AAny resident individual
  2. BA domestic company
  3. CA non-resident IndianCorrect
  4. DAny foreign company

Explanation

Section 215(1) begins with 'in case of an assessee, being a non-resident Indian'. Residents, domestic companies and foreign companies are outside its scope.

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