Section-212 provides for Interpretation relating to Chapter XIII-E. The said clause seeks to provide the definitions of certain terms for the purposes of clauses 213 to 218. Learn to understand the section-212 as it is, it's help and useful links to follow.
Here onwards, "Act" refers to "Income Tax Act 2025"
1. Section-212 as per act
In sections 213 to 218,β
- "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 isβ
- a citizen of India; or
- a person of Indian origin;
- "specified asset" means any of the following assets:β
- shares in an Indian company; or
- debentures issued by an Indian company which is not a private company as defined in the Companies Act, 2013; or
- deposits with an Indian company which is not a private company as defined in the Companies Act, 2013; or
- any security of the Central Government as defined in section 2(c) of the Public Debt Act, 1944; or
- such other assets as the Central Government may specify in this behalf by notification.
2. Help and useful links for Section-212
- Income Tax Help Center
- Income Tax Act 2025 Home
- Self Service (DIY) Income Tax Filing made Easy