Deduction in respect of royalty on patents.80RRB. (1) Where in the case of an assessee, being an individual, who is-
| (a) | - | resident in India; |
| (b) | - | a patentee; |
| (c) | - | in receipt of any income by way of royalty in respect of a patent registered on or after the 1st day of April, 2003 under the Patents Act, 1970 (39 of 1970), and |
his gross total income of the previous year includes royalty, there shall, in accordance with and subject to the provisions of this section, be allowed a deduction, from such income, of an amount equal to the whole of such income or three lakh rupees, whichever is less:
Provided that where a compulsory licence is granted in respect of any patent under the Patents Act, 1970 (39 of 1970), the income by way of royalty for the purpose of allowing deduction under this section shall not exceed the amount of royalty under the terms and conditions of a licence settled by the Controller under that Act :
Provided further that in respect of any income earned from any source outside India, so much of the income, shall b
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