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Clause 49 - Amendment of section 112. - FINANCE BILL, 2023

FINANCE BILL, 2023
Chapter III
DIRECT TAXES - Income-tax
  • Contents

Amendment of section 112.

49. In section 112 of the Income-tax Act, sub-section (3) shall be omitted.

 



 

Notes on Clauses:

Clause 49 of the Bill seeks to amend section 112 of the Income-tax Act relating to tax on long-term capital gains.

It is proposed to omit sub-section (3) of the said section which is consequential due to omission of section 88.

This amendment will take effect from 1st April, 2023.