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of <h1>Deduction rules for non-corporate taxpayers allow capped relief on long-term capital gains with ordered allocation across asset categories</h1> Where a non-corporate assessee's gross total income includes long-term capital gains, the provision permits a deduction from those gains up to specified limits: full deduction where gains do not exceed a threshold and a capped deduction in other cases, increased by amounts computed at rates tied to the type and excess of gains. When gains arise in multiple asset categories (land/buildings; gold/bullion/jewellery; other assets), the deduction is allocated in a prescribed order across categories, with a statutory ceiling on the aggregate deduction for certain categories. The section has been subject to multiple historical amendments adjusting thresholds and rates.
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