Long-term capital gains tax: revised rate structure distinguishing gains on land and buildings from other gains. Effective 1 April 1975 the Act amends specified deduction percentages downward and substitutes a new clause on taxation of long term capital gains that separates gains on buildings, lands or rights therein from other long term gains. The new clause prescribes a lower tax rate for qualifying publicly interested companies under an income threshold, a higher rate for other companies for such asset related gains, and a distinct rate for the balance of long term capital gains.
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: revised rate structure distinguishing gains on land and buildings from other gains.
Effective 1 April 1975 the Act amends specified deduction percentages downward and substitutes a new clause on taxation of long term capital gains that separates gains on buildings, lands or rights therein from other long term gains. The new clause prescribes a lower tax rate for qualifying publicly interested companies under an income threshold, a higher rate for other companies for such asset related gains, and a distinct rate for the balance of long term capital gains.
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