Long-term capital gains tax tightened, increasing taxable incidence by changing deductions and company tax treatment. Amendments increase taxation of long-term capital gains by revising deduction rules for non-corporate taxpayers-separate fixed-base-plus-proportion formulas for gains from buildings/lands and for other assets-and by raising prescribed tax rates for companies while retaining a preferential lower rate for widely-held companies meeting a taxable-income condition; changes apply from the specified assessment year and are implemented through amendments to the relevant Income-tax Act provisions.
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Provisions expressly mentioned in the judgment/order text.
Long-term capital gains tax tightened, increasing taxable incidence by changing deductions and company tax treatment.
Amendments increase taxation of long-term capital gains by revising deduction rules for non-corporate taxpayers-separate fixed-base-plus-proportion formulas for gains from buildings/lands and for other assets-and by raising prescribed tax rates for companies while retaining a preferential lower rate for widely-held companies meeting a taxable-income condition; changes apply from the specified assessment year and are implemented through amendments to the relevant Income-tax Act provisions.
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