Section 48(ii)

(ii) the cost of acquisition of the asset and the cost of any improvement thereto: Provided that in the case of an assessee, who is a non -resident, capital gains arising from the transfer of a capital asset being shares in, or debentures of, an Indian company shall be computed by converting the cost of acquisition, expenditure incurred wholly and e xclusively in connection with such transfer and the full value of the consideration received or accruing as a result of the transfer of the capital asset into the same foreign currency as was initially utilised in the purchase of the shares or debentures, and the capital gains so computed in such foreign currency shall be reconverted into Indian currency, so, however, that the aforesaid manner of computation of capital gains shall be applicable in respect of capital gains accruing or arising from every rein vestment thereafter in, and sale of, shares in, or debentures of, an Indian company: Provided further that where long -term capital gain arises from the transfer of a long -term capital asset, other than capital gain arising to a non -resident from the transf er of shares in, or debentures of, an Indian company referred to in the first proviso, the provisions of clause ( ii) shall have effect as if for the words “cost of acquisition” and “cost of any improvement”, the words “indexed cost of acquisition” and “indexed cost of any improvement” had respectively been substituted: 2[Provided also that nothing contained in the first and second provisos shall apply to the capital gains 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 or a unit of a business trust referred to in section 112A:] 3[Provided also that nothing contained in the second proviso shall apply to the long -term capital gain arising from the transfer of a long -term capital asset, being a bond or debenture other than -