27[ 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).]