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of <h1>Finance Bill 2014 Amends Section 112, Excludes 'Units' from Listed Securities for Long-Term Capital Gains Tax. Effective 2015.</h1> Clause 34 of the Finance (No. 2) Bill, 2014 amends section 112 of the Income-tax Act concerning long-term capital gains tax. Effective April 1, 2015, the amendment modifies the proviso in sub-section (1) to exclude 'units' from the category of 'listed securities' for tax calculations. It stipulates that if tax on long-term capital gains from listed securities (excluding units) or zero coupon bonds exceeds 10% of the gains without indexation, the excess is disregarded. Additionally, clause (b) in the Explanation of section 112 is omitted. This applies from the assessment year 2015-16 onward.
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