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Insertion of new section 112A-Tax on long term capital gains in certain cases.

with effect from the 1st day of April, 2019, namely:- Tax on long term capital gains in certain cases. 112A. (1) Notwithstanding anything contained in section 112, the tax payable by an assessee on his total income shall be determined in accordance with the provisions of sub-section (2), if- (i) the total income includes any income chargeable under the head Capital gains ; (ii) the capital gains arise from the transfer of a long-term capital asset being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust; (iii) securities transaction tax under Chapter VII of the Finance (No.2) Act, 2004 (23 of 2004) has,- (a) in a case where the long-term capital asset is in the nature of an equity share in a comp .....

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sub-clause (a) of clause (iii) of sub-section (1) shall not apply. (5) The capital gains under sub-section (1) shall be computed without giving effect to the provisions of the first and second provisos to section 48. (6) The cost of acquisition for the purposes of computing capital gains referred to in sub-section (1) in respect of the long-term capital asset acquired by the assessee before the 1st day of February, 2018, shall be deemed to be the higher of- (i) the actual cost of acquisition of such asset; and (ii) the lower of- (a) the fair market value of such asset; and (b) the full value of consideration received or accruing as a result of the transfer of the capital asset. (7) Where the gross total income of an assessee includes any lo .....

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ck exchange, the highest price of the capital asset quoted on such exchange on the 31st day of January, 2018: Provided that where there is no trading in such asset on such exchange on 31st day of January, 2018, the highest price of such asset on such exchange on a date immediately preceding the 31st day of January, 2018 when such asset was traded on such exchange shall be the fair market value; (ii) in a case where the capital asset is a unit and is not listed on a recognised stock exchange, the net asset value of such asset as on the 31st day of January, 2018; (c) International Financial Services Centre shall have the meaning assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005); (d) recognised stoc .....

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of securities transaction tax. It is also proposed to provide that the provisions of this section shall not apply to any income arising from the transfer of a longterm capital asset, being an equity share in a company, if the transaction of acquisition, other than the acquisition notified by the Central Government in this behalf, of such equity share is entered into on or after the 1st day of October, 2004 and such transaction is not chargeable to securities transaction tax under Chapter VII of the Finance (No. 2) Act, 2004. It is also proposed to provide that capital gains under the said section shall be computed without giving effect to the first and second proviso to section 48. It is also proposed to provide that the cost of acquisition .....

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