Long-term capital gains on specified equity transfers attract a separate concessional tax computation and adjusted taxable income. Tax on long-term capital gains applies where total income includes gains from transfer of long-term equity assets and required securities transaction tax has been paid; tax is the aggregate of tax computed on such gains at a concessional rate above a threshold and tax on the taxpayer's remaining income after excluding those gains. Resident individuals and Hindu undivided families receive an adjustment reducing taxable gains when the reduced income falls below the basic exemption. Exemptions apply for transfers on recognised exchanges in International Financial Services Centres and the definition of equity oriented fund is specified by minimum investment thresholds.
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 on specified equity transfers attract a separate concessional tax computation and adjusted taxable income.
Tax on long-term capital gains applies where total income includes gains from transfer of long-term equity assets and required securities transaction tax has been paid; tax is the aggregate of tax computed on such gains at a concessional rate above a threshold and tax on the taxpayer's remaining income after excluding those gains. Resident individuals and Hindu undivided families receive an adjustment reducing taxable gains when the reduced income falls below the basic exemption. Exemptions apply for transfers on recognised exchanges in International Financial Services Centres and the definition of equity oriented fund is specified by minimum investment thresholds.
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