Home Case Index All Cases Income Tax Income Tax + AAR Income Tax - 2009 (7) TMI AAR This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2009 (7) TMI 32 - AAR - Income TaxSale of shares for a non resident to a person in resident in India – Rate of Income Tax on Long Term Capital Gain – Held that tax on long term capital gain is required to paid at the rate of 10% u/s 112(1) instead of Normal rate of tax equal to 20% - The words “before giving effect to 2nd proviso to section 48” only mean that the calculation under the 2nd proviso shall not enter into the computation of capital gain, wherever that proviso is applicable. The said expression cannot be construed as a condition precedent for invoking the proviso to section 112(1). – Further LTCG to be computed by applying Section 48 of the Income-tax Act read with first proviso to Section 48 and Rule 115A
|