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of <h1>Income-tax Act Amended: New Section 48 Details Capital Gains Deductions, Effective April 1, 1988.</h1> The Finance Act, 1987, amends the Income-tax Act by substituting a new Section 48, effective April 1, 1988, detailing the computation and deductions for capital gains. It specifies that capital gains are calculated by deducting expenses related to asset transfer and the asset's acquisition and improvement costs. For long-term capital gains, additional deductions are allowed: up to Rs. 10,000 is fully deductible, and gains exceeding this amount have varying deduction rates based on asset type and taxpayer category. The provision also outlines how these deductions apply to capital gains losses and adjusts for prior deductions under Section 80T.
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