Section 217 — Application of benefits under sections 212 to 216

(1) Where a non-resident Indian in any tax year,—
( a) becomes assessable as a resident in India in respect of total income in a
subsequent year; and
( b) furnishes a declaration in writing to the Assessing Officer along with his
return of income under section 263 for the tax year for which he is so as -
sessable, to the effect that provisions of sections 212 to 216 shall continue to
apply to him in relation to the investment income derived from any foreign
exchange asset referred to in section 212(e) other than shares in an Indian
company, then the provisions of sections 212 to 216 shall continue to apply
in relation to such income for that tax year and every subsequent tax year
until the transfer or conversion (otherwise than by transfer) of such assets
into money.
(2) A non-resident Indian may choose not to be governed by the provisions of sections
212 to 216 for any tax year by declaring it in his return of income under section 263
for such tax year, and if he does so,—
( a) the provisions of sections 212 to 216 shall not apply to him for that tax
year; and
( b) his total income for that tax year shall be computed and charged to tax
according to the other provisions of this Act.