Tax on long-term capital gains

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....le to income-tax, then, such long-term capital gains shall be reduced by the amount by which the total income as so reduced falls short of the maximum amount which is not chargeable to income-tax and the tax on the balance of such long-term capital gains shall be computed at the rate as applicable in sub-clause (ii): Provided further that in the case of transfer of a long-term capital asset, being land or building or both, which is acquired before the 23rd day of July, 2024, where the income-tax computed under item (B) exceeds the income-tax computed in accordance with the provisions of this Act, as they stood immediately before their amendment by the Finance (No. 2) Act, 2024, such excess shall be ignored; (b) in the case of a domestic company,- (i) the amount of income-tax payable on the total income as reduced by the amount of such long-term capital gains, had the total income as so reduced been its total income; and (ii) the amount of income-tax calculated on such long-term capital gains,-- (A) at the rate of twenty per cent. for any transfer which takes place before the 23rd day of July, 2024; and (B) at the rate of twelve ....

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....mputing the tax payable by the assessee:] ^18[Provided further that where the tax payable in respect of any income arising from the transfer of a long-term capital asset, being a unit of a Mutual Fund specified under clause (23D) of section 10, during the period beginning on the 1st day of April, 2014 and ending on the 10th day of July, 2014, exceeds ten per cent. of the amount of capital gains, before giving effect to the provisions of the second proviso to section 48, then, such excess shall be ignored for the purpose of computing the tax payable by the assessee.] ^14[Explanation.-For the purposes of this sub-section,- ^16[(a)  the expression "securities" shall have the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (32 of 1956); (aa) "listed securities" means the securities which are listed on any recognised stock exchange in India ; (ab) "unlisted securities" means securities other than listed securities;] (b)  ^19[****] (2) Where the gross total income of an assessee includes any income arising from the transfer of a long-term capital asset, the gross total income shall....

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....efore it was read as, "Provided that in relation to long-term capital gains arising to a venture capital company from the transfer of equity shares of venture capital undertakings, the provisions of sub-clause (ii) shall have effect as if for the words "thirty per cent", the words "twenty per cent" had been substituted;" 6. Inserted vide Section 31 of the Finance Act, 1994 w.e.f. 01-04-1995 7. Re-lettered vide Section 31 of the Finance Act, 1994 w.e.f. 01-04-1995 before it was read as, "(c)" 8. Inserted vide Section 31 of the Finance Act, 1994 w.e.f. 01-04-1995 9. Substituted vide Section 37 of the Finance (No. 2) Act, 1996 w.e.f. 01-04-1997 before it was read as, "thirty" 10. Omitted vide Section 23 of the Finance Act, 1995 w.e.f. 01-04-1996 before it was read as, "Explanation.-For the purposes of this sub-section,- (a)  "venture capital company" means such company as is engaged in providing finance to venture capital undertakings mainly by way of acquiring equity shares of such undertakings or, if the circumstances so require, by way of advancing loans to such undertakings, and i....

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....all have the meaning assigned to it in clause (b) of Explanation to section 115AB.]]" 20. Substituted vide Section 50 of the Finance Act 2016 w.e.f. 01-04-2013 before it was read as, "unlisted securities"  21. Omitted vide Section 50 of the Finance Act 2023 w.e.f. 01-04-2023 before it was read as, "(3) Where the total income of an assessee includes any income arising from the transfer of a long-term capital asset, the total income shall be reduced by the amount of such income and the rebate under section 88 shall be allowed from the income-tax on the total income as so reduced." 22. Substituted vide Section 30 of the Finance (No. 2) Act, 2024 w.e.f. 23-07-2024 before it was read as, "(a) in the case of an individual or a Hindu undivided family, ^2[being a resident,]- (i) the amount of income-tax payable on the total income as reduced by the amount of such long-term capital gains, had the total income as so reduced been his total income; and (ii) the amount of income-tax calculated on such long-term capital gains at the rate of twenty per cent : Provided that where the total income as reduce....