Section 115UB(1) of the Income-tax Act, 1961 provides that the investments made by Category I or Category II Alternate Investment Fund (AIF) are deemed to have been made by the investor directly. Therefore, the CBDT has clarified that any income of NR investor from off-shore investments routed through Category I or Category II AIF, being a deemed direct investment outside India by NR investor, is not taxable in India under section 5(2).
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