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of <h1>New Proviso in Section 48: Long-term Capital Gains Exclusion on Bonds and Debentures from April 1, 1998</h1> Section 48 of the Income-tax Act is amended to include a new proviso effective from April 1, 1998. This proviso specifies that the second proviso does not apply to long-term capital gains from the transfer of long-term capital assets such as bonds or debentures, except for capital indexed bonds issued by the government.
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