# The Finance Act, 1997, Section 36: Substitution of new section for section 115E

- Act: The Finance Act, 1997
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1997/section/36/

## Text

Substitution of new section for section 115E. 36. For section 115E of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 1998, namely:— "115E. Tax on investment income and long-term capital gains.—Where 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).". © Copyright. Taxmann Publications Pvt. Ltd.

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