⁴²[ Tax on investment income and long-term capital gains.

115E. Where the total income of an assessee, being a non-resident Indian, includes

          (a)  any income from investment or income from long-term capital gains of an asset other than a specified asset;

          (b)  income by way of long-term capital gains,

the tax payable by him shall be the aggregate of

           (i)  the amount of income-tax calculated on the income in respect of investment income referred to in clause (a), if any, included in the total income, at the rate of twenty per cent;

          (ii)  the amount of income-tax calculated on the income by way of long-term capital gains referred to in clause (b), if any, included in the total income, at the rate of ten per cent; and

         (iii)  the amount of income-tax with which he would have been chargeable had his total income been reduced by the amount of income referred to in clauses (a) and (b).]