Section 114 - Omittted - Income-tax Act, 1961

114. 15 [****] *************** NOTES:- 1. Substituted vide Section 11 of the Finance (No. 2) Act, 1962 w.e.f. 01-04-1962 before it was read as, Tax on capital gains in cases of assessees other than companies 114. Where the total income of an assessee, not being a company, includes any income chargeable under the head Capital gains , tax payable by him on his total income shall be (a) the amount of income-tax and super-tax payable on the total income as reduced by the amount of such inclusion and by the amount of compensation or other payment, if any, referred to in clause (ii) of section 28, had the total income so reduced been his total income, plus (b) the tax on the whole amount of such inclusion equal to the amount which bears to the income-tax which would have been payable on the total income as reduced by two-thirds of such inclusion and by the amount of compensation or other payment aforesaid, if any, the same proportion as the whole amount of such inclusion bears to such reduced total income: Provided that (i) where the total income does not exceed the sum of ten thousand rupees, the amount payable under clause (b) shall be nil; and (ii) in no case shall the amount payable under clause (b) exceed one-half of the amount, if any, by which the income chargeable under the head Capital gains exceeds the sum of five thousand rupees, plus (c) the tax on such compensation or other payment aforesaid, if any, computed in accordance with the provisions of clause (iii) of section 112. 2. Substituted vide Section 28 of the Finance Act, 1964 w.e.f. 01-04-1964 before it was read as, (ii) the amount of income tax and super tax calculated on the amount of the net capital gains, if any, relating to capital assets other than short term capital assets, at the average rate of income tax and the average rate of super tax respectively, which would have been applicable to the total income, if the net capital gains, if any, relating to short term capital assets and the amount of compensation or other payment aforesaid, if any, had not formed part of it; or the amount of income tax calculated at the rate of 25 per cent. on the amount of the net capital gains relating to capital assets other than short term capital assets included in the total income, whichever is less : Provided that (i) where the total income does not exceed the sum of ten thousand rupees, the amount payable under sub clause (ii) of clause (b) shall be nil; and (ii) in no case shall the amount payable under sub clause (ii) of clause (b) exceed one half of the amount, if any, which the amount of capital gains relating to capital assets other than short term capital assets exceeds the sum of five thousand rupees; plus 3. Omitted vide Section 36 of the Finance Act, 1965 w.e.f. 01-04-1965 before it was read as, and super tax 4. Omitted vide Section 36 of the Finance Act, 1965 w.e.f. 01-04-1965 before it was read as, and super tax 5. Omitted vide Section 36 of the Finance Act, 1965 w.e.f. 01-04-1965 before it was read as, and super tax 6. Omitted vide Section 36 of the Finance Act, 1965 w.e.f. 01-04-1965 before it was read as, and the average rate of super tax respectively 7. Inserted vide Section 36 of the Finance Act, 1965 w.e.f. 01-04-1965 8. Omitted vide Section 36 of the Finance Act, 1965 w.e.f. 01-04-1965 before it was read as, and three-fourths of the average rate of super-tax respectively 9. Omitted vide Section 36 of the Finance Act, 1965 w.e.f. 01-04-1965 before it was read as, and one-half of the average rate of super-tax respectively 10. Omitted vide Section 36 of the Finance Act, 1965 w.e.f. 01-04-1965 before it was read as, and average rate of super-tax 11. Substituted vide Section 12 of the Finance (No. 2) Act, 1965 w.e.f. 11-09-1965 before it was read as, if any, referred to in clause (ii) of section 28 12. Inserted vide Section 12 of the Finance (No. 2) Act, 1965 w.e.f. 11-09-1965 13. Substituted vide Section 12 of the Finance (No. 2) Act, 1965 w.e.f. 11-09-1965 before it was read as, (c) the tax on such compensation or other payment aforesaid, if any, computed in accordance with the provisions of clause (iii) of section 112. 14. Omitted vide Section 23 of the Finance Act, 1966 w.e.f. 01-04-1966 before it was read as, 7 [Provided further that the amount of income tax so calculated in respect of the capital gains relating to bonus shares, if any, chargeable under sub section (2) of section 45, shall be reduced by an amount equal to twelve and a half per cent. of the face value of such bonus shares or the amount of income tax so calculated, whichever is less. ] 15. Omitted vide Third Schedule of the Finance (No. 2) Act, 1967 w.e.f. 01-04-1968 before it was read as, 1 [114. Tax on capital gains in cases of assessees other than companies. - Where the total income of an assessee, not being a company, includes any income chargeable under the head Capital gains , the tax payable by him on his total income shall be (a) the amount of income tax 3 [****] payable on the total income as reduced by the amount of such inclusion and by the amount of compensation or other payment, 11 [ referred to in clause (ii) of section 28 and of the interest on National Savings Certificates (First Issue), if any, ] , had the total income so reduced been his total income; plus (b) (i) the amount of income tax 4 [****] calculated on the amount of the net capital gains relating to short term capital assets, if any, included in the total income at the average rate of income tax 6 [****] , which would have been applicable to the total income if the amount of the net capital gains, if any, relating to capital assets other than short term capital assets and the amount of compensation or other payment 12 [ and of the interest on National Savings Certificates (First Issue) ] aforesaid, if any, had not formed part of it; plus 2 [ (ii) the amount of income-tax 5 [****] calculated on such part of the net capital gains, if any, relating to capital assets other than short-term capital assets, as exceeds the sum of five thousand rupees- (1) in the case of capital gains relating to buildings or lands, or any rights in buildings or lands, at three-fourths of the average rate of income-tax 8 [****] , and (2) in any other case, at one-half of the average rate of income-tax 9 [****] , average rate of income-tax 10 [****] being computed for the purpose of this sub-clause in the same manner as for the purpose of sub-clause (i) of this clause: Provided that where the amount payable under sub-clause (ii) of clause (b) is less than the amount equal to fifteen per cent. of the net capital gains in respect of which tax is payable under that sub-clause, then the amount payable thereunder shall be fifteen per cent. of such net capital gains: Provided further that where the total income does not exceed the sum of ten thousand rupees, the amount payable under the said sub-clause shall be nil; 14 [****] plus ] 13 [ (c) the tax on such compensation or other payment and on the interest on National Savings Certificates (First Issue) aforesaid, if any, computed in accordance with the provisions of clause (iii) of section 112 and of clause (b) of section 112A, respectively. ]]