Long-term capital gain rule excludes the second proviso for transfers of bonds and debentures, limiting its application. An amendment to section 48 inserts a proviso providing that the second proviso shall not apply to long-term capital gain from transfer of a long-term ... Summary
Long-term capital gain rule excludes the second proviso for transfers of bonds and debentures, limiting its application.
An amendment to section 48 inserts a proviso providing that the second proviso shall not apply to long-term capital gain from transfer of a long-term capital asset being a bond or debenture other than government capital indexed bonds, thereby excluding specified bonds and debentures from the second proviso's application; the insertion takes effect from 1 April 1998.
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