Long-term capital gains tax: amendment broadens section 112A to include certain unit linked insurance policies going forward. The Explanation to section 112A is amended by omitting the phrase limiting applicability to cases 'on account of the applicability of the fourth and fifth provisos thereof' from the opening portion of clause (a) and from its second proviso, thereby making the Explanation's provisions applicable to unit linked insurance policies to which the exemption under clause (10D) does not apply; effective 1 April 2026 and for subsequent assessment years.
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Long-term capital gains tax: amendment broadens section 112A to include certain unit linked insurance policies going forward.
The Explanation to section 112A is amended by omitting the phrase limiting applicability to cases "on account of the applicability of the fourth and fifth provisos thereof" from the opening portion of clause (a) and from its second proviso, thereby making the Explanation's provisions applicable to unit linked insurance policies to which the exemption under clause (10D) does not apply; effective 1 April 2026 and for subsequent assessment years.
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