Deduction for long-term capital gains adjusted by schedule rates, prioritised across asset categories with a capped deduction for jewellery.

Substituted clause (b) of section 80T prescribes that the five-thousand-rupee deduction for long-term capital gains is increased by sums calculated at rates in the Twelfth Schedule, with column (2) applicable to gains from buildings or lands and column (3) applicable to gains from other assets; a proviso prescribes the order of applying the five-thousand-rupee deduction across buildings/lands, gold/bullion/jewellery and other assets, and caps the aggregate deduction attributable to the gold and jewellery category.

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