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of <h1>Income-tax Act Section 80T Amended: Threshold Doubled, Capital Gains Tax Rates Adjusted for Specific Assets.</h1> Section 80T of the Income-tax Act was amended by the Finance Act, 1986, effective April 1, 1987. The amendment increased the threshold from five thousand rupees to ten thousand rupees. Additionally, for long-term capital gains, the amendment specified that gains from buildings, lands, or related rights, as well as gold, bullion, or jewelry, exceeding ten thousand rupees would be taxed at fifty percent. For other capital assets, the rate is sixty percent for gains exceeding ten thousand rupees. The second proviso of the section was removed.
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