Long-term capital gain rule excludes the second proviso for transfers of bonds and debentures, limiting its application. An amendment to section 48 inserts a proviso providing that the second proviso shall not apply to long-term capital gain from transfer of a long-term capital asset being a bond or debenture other than government capital indexed bonds, thereby excluding specified bonds and debentures from the second proviso's application; the insertion takes effect from 1 April 1998.
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 gain rule excludes the second proviso for transfers of bonds and debentures, limiting its application.
An amendment to section 48 inserts a proviso providing that the second proviso shall not apply to long-term capital gain from transfer of a long-term capital asset being a bond or debenture other than government capital indexed bonds, thereby excluding specified bonds and debentures from the second proviso's application; the insertion takes effect from 1 April 1998.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
