Raj Jaiswal

1. What will be the tax treatment for long term capital gains out of Investments made into Portfolio Management Services (PMS) managed by Asset Management Companies in India by a non-domiciled UK citizen as per recent Spring Budget announcement? (For your reference, the same portfolio investment is NOT listed under the list of "reporting funds" on HMRC website) 2. If the same person invests into Direct Equity Shares in Indian Markets, what would be the tax treatement on gains arising out of such Direct Equity Investments as per proposed tax regime?