Long-term capital gains tax treatment reorganised to separate resident/domestic and non-resident/foreign computations and rates. Amendments to section 112 reclassify taxpayer categories and prescribe separate computations for long-term capital gains: clause (a) limits a Hindu undivided family to residents; clause (b) is confined to domestic companies with a reduced specified rate; a new clause (c) requires non-residents (other than companies) and foreign companies to have tax computed on total income as reduced by long-term capital gains and to have those gains taxed at a distinct flat rate; the old clause (c) is relettered and clarified to apply to residents in other cases.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Long-term capital gains tax treatment reorganised to separate resident/domestic and non-resident/foreign computations and rates.
Amendments to section 112 reclassify taxpayer categories and prescribe separate computations for long-term capital gains: clause (a) limits a Hindu undivided family to residents; clause (b) is confined to domestic companies with a reduced specified rate; a new clause (c) requires non-residents (other than companies) and foreign companies to have tax computed on total income as reduced by long-term capital gains and to have those gains taxed at a distinct flat rate; the old clause (c) is relettered and clarified to apply to residents in other cases.
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