Amendment status not verified — confirm the current text below against the official source.
(1) No deduction in respect of any expenditure or allowance shall be allowed under any provision of this Act in computing the investment income of a non-resident Indian. (2) In the case of an assessee, being a non-resident Indian, where-- (a) the gross total income consists only of investment income or income by way of long-term capital gains or both, then no deduction shall be allowed under Chapter VIII; (b) the gross total income includes any income referred to in clause (a),-- (i) the gross total income shall be reduced by such income; and (ii) the deductions under Chapter VIII shall be allowed as if the gross total income as so reduced was the gross total income of the assessee.