Govt. notifies investment in financial product by NR with 'IFSC capital market intermediary' for Sec. 10(4G) exemption



05 Jan 2024

Subject to specific requirements, income produced by a non-resident is excluded from its portfolio under Sec. 10(4G). The scope of this exemption has been expanded by FA 2023 to include any income a non-resident receives from the specified activity that the designated person performs. For this reason, the government has alerted the non-resident investor about their intention to invest in a financial product through a capital market intermediary, which is an IFSC unit.

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