Tax computation rule for long-term capital gains from listed securities limits tax by ignoring excess above a statutory threshold. The amendment to section 112(1) provides that where tax payable on long-term capital gains from transfer of listed securities exceeds a specified proportion of the capital gains (before applying the second proviso to section 48), such excess shall be ignored in computing the tax payable. 'Listed securities' are defined by reference to clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956, and listing on a recognised stock exchange in India. The provision is effective from 1 April 2000.
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Provisions expressly mentioned in the judgment/order text.
Tax computation rule for long-term capital gains from listed securities limits tax by ignoring excess above a statutory threshold.
The amendment to section 112(1) provides that where tax payable on long-term capital gains from transfer of listed securities exceeds a specified proportion of the capital gains (before applying the second proviso to section 48), such excess shall be ignored in computing the tax payable. "Listed securities" are defined by reference to clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956, and listing on a recognised stock exchange in India. The provision is effective from 1 April 2000.
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