(2)Where the gross total income of the Offshore Fund—(a)consists only of income from units or income by way of long-term capital gains arising from the transfer of units, or both, no deduction shall be allowed to the assessee under sections 28 to 58, 60 and 61 or section 93(1)(a) or (e) or under Chapter VIII;(b)includes any income referred to in clause (a),––(i)the gross total income shall be reduced by such income; and(ii)the deduction under Chapter VIII shall be allowed as if the gross total income so reduced were the gross total income of the assessee.
