Income-tax Act, 2025

INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF CERTAIN ELIGIBLE PERSONS INCLUDING INVESTMENT FUNDS, BUSINESS TRUSTS AND THEIR UNIT HOLDERS - Schedule V

SCHEDULE V

[See section 11]

INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF CERTAIN ELIGIBLE PERSONS INCLUDING INVESTMENT FUNDS, BUSINESS TRUSTS AND THEIR UNIT HOLDERS

In computing the total income of a tax year of any eligible person mentioned in column C of the Table below, the income mentioned in column B of the said Table shall not be included, subject to the conditions mentioned in column D of the said Table, and the expressions used in columns B to D of the said Table shall have the meanings respectively assigned to them in Notes below the said Table:

TABLE

Sl. No.
Income not to be included in total income
Eligible persons
Conditions

A
B
C
D

1.
Any income other than the income chargeable under the head "Profits and gains of business or profession".
An investment fund.
Nil.

2.
Any income referred to in section 224, accruing or arising to, or received being that proportion of income which is of the same nature as income chargeable under the head "Profits and gains of business or profession".
A unit holder of an investment fund.
Nil.

3.

Any income by way of-

(a) interest received or receivable from a special purpose vehicle; or

(b) dividend received or receivable from a special purpose vehicle.

A business trust.
Nil.

4.
Any income by way of renting or leasing or letting out any real estate asset owned directly by such business trust.
A business trust, being a real estate investment trust.
Nil.

5.
Any distributed income referred to in section 223.
Any unit holder of a business trust.

Exemption shall not be allowed on that proportion of the income which is of the same nature as--

(a)

interest received or receivable from a special purpose vehicle by the business trust; or

(b)

dividend received or receivable from a special .... To read the full section download the app from Google Play store