Amendment of section 112

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..... (other than a unit) shall be substituted; (b) in the Explanation, clause (b) shall be omitted. - Clause 34 of the Bill seeks to amend section 112 of the Income-tax Act relating to tax on long-term capital gains. The existing provisions contained in section 112 provide for tax payable in the case of income arising from the transfer of a long-term capital asset. The pro .....

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