Income-tax Act, 2025 · Part D — Special provisions relating to minimum alternate tax and alternate minimum tax

Section 212Interpretation

Income-tax Act, 2025 (30 of 2025)

In sections 213 to 218,—

(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;

(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 (18 of 2013); or

(iii)deposits with an Indian company which is not a private company as defined in the Companies Act, 2013 (18 of 2013); or

(iv)any security of the Central Government as defined in section 2(f) of the Government Securities Act, 2006 (38 of 2006); or

(v)such other assets as the Central Government may specify in this behalf by notification.

(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 (18 of 2013); or

(iii)deposits with an Indian company which is not a private company as defined in the Companies Act, 2013 (18 of 2013); or

(iv)any security of the Central Government as defined in section 2(f) of the Government Securities Act, 2006 (38 of 2006); or

(v)such other assets as the Central Government may specify in this behalf by notification.

“foreign exchange asset” means any specified asset which the assessee has acquired or purchased with, or subscribed to in, convertible foreign exchange;

“investment income” means any income derived from a foreign exchange asset;

“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;

“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;

(i)a citizen of India; or

(ii)a person of Indian origin;

“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 (18 of 2013); or

(iii)deposits with an Indian company which is not a private company as defined in the Companies Act, 2013 (18 of 2013); or

(iv)any security of the Central Government as defined in section 2(f) of the Government Securities Act, 2006 (38 of 2006); or

(v)such other assets as the Central Government may specify in this behalf by notification.

(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 (18 of 2013); or

(iii)deposits with an Indian company which is not a private company as defined in the Companies Act, 2013 (18 of 2013); or

(iv)any security of the Central Government as defined in section 2(f) of the Government Securities Act, 2006 (38 of 2006); or

(v)such other assets as the Central Government may specify in this behalf by notification.

This section refers to

§ 213 Special provision for computation of total income of non-residents

Referenced by

§ 215(2)

§ 215(2)(a)

§ 217 Benefit under Chapter to be available in certain cases even after assessee becomes resident

§ 217(b)

§ 218 Chapter not to apply if the assessee so chooses

§ 218(a)

§ 402(23)