TAX BENEFITS UNDER RUPEE DENOMINATED BOND

In order to provide relief to the non-resident investor, it is proposed to amend Section 48 to exempt capital gains, in the hands of non-resident investor, arising in case of appreciation of the Indian Rupee between the date of issue and date of redemption against the foreign currency.

This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-18 and subsequent assessment years