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.
