NRI shares taxation

This discussion clarifies the tax implications for Non-Resident Indians (NRIs) selling shares in India. It specifically addresses whether the first proviso of Section 48 of the Income Tax Act applies when shares are purchased and sold using an NRO account, with transactions conducted in Indian currency. The consensus is that capital gains will be computed accordingly under Section 112, with differing opinions on the applicability of the proviso based on currency used for purchase and sale.