Section 80T - Omitted - Income-tax Act, 1961

80T. 20 [****] **************** NOTES:- 1. Inserted vide Third Schedule of the Finance (No. 2) Act, 1967 w.e.f. 01-04-1968 2. Substituted vide Section 23 of the Finance (No. 2) Act, 1971 w.e.f. 01-04-1972 before it was read as, forty-five per cent. 3. Substituted vide Section 23 of the Finance (No. 2) Act, 1971 w.e.f. 01-04-1972 before it was read as, sixty-five per cent. 4. Substituted vide Section 23 of the Finance (No. 2) Act, 1971 w.e.f. 01-04-1972 before it was read as, sixty-five per cent. 5. Substituted vide Section 23 of the Finance (No. 2) Act, 1971 w.e.f. 01-04-1972 before it was read as, sixty-five per cent. 6. Substituted vide Section 2 of the Finance (No. 2) Act, 1974 w.e.f. 01-04-1975 before it was read as, 2 [ thirty-five per cent. ] 7. Substituted vide Section 2 of the Finance (No. 2) Act, 1974 w.e.f. 01-04-1975 before it was read as, 3 [ fifty per cent. ] 8. Substituted vide Section 2 of the Finance (No. 2) Act, 1974 w.e.f. 01-04-1975 before it was read as, 4 [ fifty per cent. ] 9. Substituted vide Section 2 of the Finance (No. 2) Act, 1974 w.e.f. 01-04-1975 before it was read as, 5 [ fifty per cent. ] 10. Omitted vide Section 21 of the Finance (No. 2) Act, 1980 w.e.f. 01-04-1981 before it was read as, where the gross total income does not exceed ten thousand rupees or 11. Substituted vide Section 21 of the Finance Act, 1982 w.e.f. 01-04-1983 before it was read as, (b) in any other case, five thousand rupees as increased by a sum equal to - (i) 6 [ twenty-five per cent. ] of the amount by which the long-term capital gains relating to capital assets, being buildings or lands, or any rights in buildings or lands, exceed five thousand rupees; (ii) 7 [ forty per cent. ] of the amount by which the long-term capital gains relating to any other capital assets exceed five thousand rupees : Provided that in a case where the long-term capital gains relate to buildings or lands, or any rights in buildings or lands, as well as to other assets, the sum referred to in sub-clause (ii) of clause (b) shall be taken to be - (A) where the amount of the long-term capital gains relating to the capital assets mentioned in sub-clause (i) is less than five thousand rupees, 8 [ forty per cent. ] of the amount by which the long-term capital gains relating to any other capital assets exceed the difference between five thousand rupees and the amount of the long-term capital gains relating to the capital assets mentioned in sub-clause (i); and (B) where the amount of the long-term capital gains relating to the capital assets mentioned in sub-clause (i) is equal to or more than five thousand rupees, 9 [ forty per cent. ] of the long-term capital gains relating to any other capital assets. ] 12. Substituted vide Section 23 of the Finance Act, 1986 w.e.f. 01-04-1987 before it was read as, five thousand rupees 13. Substituted vide Section 23 of the Finance Act, 1986 w.e.f. 01-04-1987 before it was read as, five thousand rupees 14. Substituted vide Section 23 of the Finance Act, 1986 w.e.f. 01-04-1987 before it was read as, five thousand rupees 15. Substituted vide Section 23 of the Finance Act, 1986 w.e.f. 01-04-1987 before it was read as, five thousand rupees 16. Substituted vide Section 23 of the Finance Act, 1986 w.e.f. 01-04-1987 before it was read as, five thousand rupees 17. Substituted vide Section 23 of the Finance Act, 1986 w.e.f. 01-04-1987 before it was read as, five thousand rupees 18. Substituted vide Section 23 of the Finance Act, 1986 w.e.f. 01-04-1987 before it was read as, five thousand rupees 19. Substituted vide Section 23 of the Finance Act, 1986 w.e.f. 01-04-1987 before it was read as, five thousand rupees 20. Omitted vide Section 38 of the Finance Act, 1987 w.e.f. 01-04-1988 before it was read as, 1 [Deduction in respect of long-term capital gains in the case of assessees other than companies. 80T. Where the gross total income of an assessee not being a company includes any income chargeable under the head Capital gains relating to capital assets other than short-term capital assets (such income being, hereinafter, referred to as long-term capital gains), there shall be allowed, in computing the total income of the assessee, a deduction from such income of an amount equal to, - (a) in a case 10 [****] where the long-term capital gains do not exceed 12 [ ten thousand rupees ] , the whole of such long-term capital gains; 11 [ (b) in any other case, 13 [ ten thousand rupees ] as increased by a sum calculated - (A) at such of the rates specified in column (2) in the Twelfth Schedule as is applicable, with reference to the amount by which the long-term capital gains relating to capital assets, being buildings or lands or any rights in buildings or lands, exceed 14 [ ten thousand rupees ] ; (B) at such of the rates specified in column (3) in the Twelfth Schedule as is applicable, with reference to the amount by which the long-term capital gains relating to any other capital assets exceed 15 [ ten thousand rupees ] : Provided that where the long-term capital gains relate to - (i) buildings or lands or any rights in buildings or lands; (ii) gold, bullion or jewellery; and (iii) any other capital asset, or to any two of the categories of capital assets mentioned in the foregoing clauses of this proviso (the assets falling under each clause being treated as a separate category), the deduction of 16 [ ten thousand rupees ] referred to in this clause shall be allowed in the following order, namely :- (1) the deduction shall first be allowed against long-term capital gains relating to the assets mentioned in clause (i); (2) next, where the amount of the long-term capital gains relating to the assets mentioned in clause (i) is less than 17 [ ten thousand rupees ] , a deduction equal to the amount of the difference between five thousand rupees and such capital gains shall be allowed against the long-term capital gains relating to the assets mentioned in clause (ii); and (3) thereafter, the balance, if any, of the said 18 [ ten thousand rupees ] shall be allowed as a deduction against the long-term capital gains relating to the assets mentioned in clause (iii), and the provisions of sub-clause (A) and sub-clause (B) of this clause shall apply as if the references to 19 [ ten thousand rupees ] therein were references to the amount of deduction allowed in accordance with clauses (1), (2) and (3) of this proviso : Provided further that the aggregate amount of deduction under this section in relation to assets mentioned in clause (ii) of the preceding proviso shall, in no case, exceed fifty thousand rupees.