9911796707
TMI BlogTax on long-term capital gainsX X X X Extracts X X X X X X X X Extracts X X X X ..... uch long-term capital gains,-- (A) at the rate of twenty per cent. for any transfer which takes place before the 23rd day of July, 2024; and (B) at the rate of twelve and one-half per cent. for any transfer which takes place on or after the 23rd day of July, 2024: Provided that where the total income as reduced by such long-term capital gains is below the maximum amount which is not chargeable to income-tax, then, such long-term capital gains shall be reduced by the amount by which the total income as so reduced falls short of the maximum amount which is not chargeable to income-tax and the tax on the balance of such long-term capital gains shall be computed at the rate as applicable in sub-clause (ii): Provided further that in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or any transfer which takes place on or after the 23rd day of July, 2024; and (iii) the amount of income-tax on long-term capital gains arising from the transfer of a capital asset, being unlisted securities or shares of a company not being a company in which the public are substantially interested, as computed without giving effect to the first and second provisos to section 48, calculated on such long-term capital gains,-- (A) at the rate of ten per cent. for any transfer which takes place before the 23rd day of July, 2024; and (B) at the rate of twelve and one-half per cent. for any transfer which takes place on or after the 23rd day of July, 2024; (d) in any other case of a resident,-- (i) the amount of income-tax payable on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... [(a) the expression "securities" shall have the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (32 of 1956); (aa) "listed securities" means the securities which are listed on any recognised stock exchange in India ; (ab) "unlisted securities" means securities other than listed securities;] (b) 19[***] (2) Where the gross total income of an assessee includes any income arising from the transfer of a long-term capital asset, the gross total income shall be reduced by the amount of such income and the deduction under Chapter VI-A shall be allowed as if the gross total income as so reduced were the gross total income of the assessee. 21[****] ---------- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... omission, the Explanation read as under : 'Explanation.-For the purposes of this sub-section,- (a) "venture capital company" means such company as is engaged in providing finance to venture capital undertakings mainly by way of acquiring equity shares of such undertakings or, if the circumstances so require, by way of advancing loans to such undertakings, and is approved by the Central Government in this behalf ; (b) "venture capital undertaking" means such company as the prescribed authority may, having regard to the following factors, approve for the purposes of this sub-section, namely :- (1) the total investment in the company does not exceed ten crore rupees or such other higher amount as may be prescribed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2015, before it was read as, "being listed securities 12[or unit]" 18. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2015 19. Omitted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2015, before it was read as, ""unit" shall have the meaning assigned to it in clause (b) of Explanation to section 115AB.]]" 20. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2013, before it was read as, " unlisted securities " - As Further amended vide The Finance Act, 2016 21. Omitted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 before it was read as, "(3) Where the total income of an assessee in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... [twenty] per cent : 5[***] 6[(c) in the case of a non-resident (not being a company) or a foreign company,- (i) the amount of income-tax payable on the total income as reduced by the amount of such long-term capital gains, had the total income as so reduced been its total income ; and 15[(ii) the amount of income-tax calculated on long-term capital gains [except where such gain arises from transfer of capital asset referred to in sub-clause (iii)] at the rate of twenty per cent; and (iii) the amount of income-tax on long-term capital gains arising from the transfer of a capital asset, being 20[unlisted securities or shares of a company not being a company in which the public are substantially interested], calculated at the rate of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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