TMI BlogTax on long-term capital gainsX X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax calculated on such long-term capital gains at the rate of twenty per cent : 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 of twenty per cent ; ( b ) in the case of a 3 [ domestic ] 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 inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sing from the transfer of a long-term capital asset, 17 [being listed securities (other than a unit)] 13 [ or zero coupon bond ], exceeds ten per cent of the amount of capital gains before giving effect to the provisions of the second proviso to section 48, then, such excess shall be ignored for the purpose of computing the tax payable by the assessee. 18 [Provided further that where the tax payable in respect of any income arising from the transfer of a long-term capital asset, being a unit of a Mutual Fund specified under clause (23D) of section 10, during the period beginning on the 1st day of April, 2014 and ending on the 10th day of July, 2014, exceeds ten per cent. of the amount of capital gains, before giving effect to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997. Earlier thirty was substituted for forty by the Finance Act, 1994, w.e.f. 1-4-1995. 5. The proviso omitted by the Finance Act, 1995, w.e.f. 1-4-1996. Prior to its omission the proviso, as amended by the Finance Act,1994, w.e.f. 1-4-1995, read as under : ' Provided that in relation to long-term capital gains arising to a venture capital company from the transfer of equity shares of venture capital undertakings, the provisions of sub-clause (ii) shall have effect as if for the words thirty per cent , the words twenty per cent had been substituted ;' 6. Inserted by the Finance Act, 1994, w.e.f. 1-4-1995. 7. Relettered by the Finance Act, 1994, w.e.f. 1-4-1995. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .e.f. 1-4-2006. 14. 28. Substituted by the Finance Act, 2000, w.e.f. 1-4-2000. Prior to its substitution, Explanation, as inserted by the Finance Act, 1999, w.e.f. 1-4-2000, read as under : ' Explanation .-For the purposes of this sub-section, listed securities means the securities- (a) as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (32 of 1956); and (b) listed in any recognised stock exchange in India.' 15. Substituted vide Finance Act, 2012, w.e.f. 01-04-2013, before it was read as:- ( ii ) the amount of income-tax calculated on such long-term capital gains at the rate of twenty per cent ; 16. Substituted vide Finance Act, 2012, w.e.f. 01-04-2013, before it ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
