Long-term capital gains amendment excludes units from listed securities exemption, altering proviso and effective from assessment year 2015-16. Amendment narrows the proviso to the long-term capital gains tax rule by excluding units from the category of listed securities so that the proviso applies to listed securities (other than a unit) and zero coupon bonds; it also omits Explanation clause (b). The change takes effect from 1 April 2015 and applies to the assessment year 2015-16 onwards, preserving the computation that ignores excess tax where tax exceeds ten percent of unindexed capital gains.
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Long-term capital gains amendment excludes units from listed securities exemption, altering proviso and effective from assessment year 2015-16.
Amendment narrows the proviso to the long-term capital gains tax rule by excluding units from the category of listed securities so that the proviso applies to listed securities (other than a unit) and zero coupon bonds; it also omits Explanation clause (b). The change takes effect from 1 April 2015 and applies to the assessment year 2015-16 onwards, preserving the computation that ignores excess tax where tax exceeds ten percent of unindexed capital gains.
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