Exemption under 10(38)-is it allowed to non resident also?

In my opinion, non-residents will also get exemption u/s 10(38).

Incomes not included in total income.

10. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included—

        (38)  any income arising from the transfer of a long-term capital asset, being an equity share in a company or a unit of an equity oriented fund where—

      (a)  the transaction of sale of such equity share or unit is entered into on or after the date on which Chapter VII of the Finance (No. 2) Act, 2004 comes into force; and

      (b)  such transaction is chargeable to securities transaction tax under that Chapter :

                ⁶⁰[Provided that the income by way of long-term capital gain of a company shall be taken into account in computing the book profit and income-tax payable under section 115JB.]

                Explanation.—For the purposes of this clause, “equity oriented fund” means a fund—

       (i)  where the investible funds are invested by way of equity shares in domestic companies to the extent of more than ⁶¹[sixty-five] per cent of the total proceeds of such fund; and

      (ii)  which has been set up under a scheme of a Mutual Fund specified under clause (23D) :

                Provided that the percentage of equity shareholding of the fund shall be computed with reference to the annual average of the monthly averages of the opening and closing figures;]

follow this link

https://law.incometaxindia.gov.in/dittaxmann/incometaxacts/2008itact/section10.htm

Thank You Naresh & Krishna.

Exemption u/s 10 (38) is available to "ALL ASSESSEES" including Non-Resident Also.

- Ruben Balooni