Tax on long-term capital gains in certain cases

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....2) Act, 2004 (23 of 2004) has,- (a) in a case where the long-term capital asset is in the nature of an equity share in a company, been paid on acquisition and transfer of such capital asset; or (b) in a case where the long-term capital asset is in the nature of a unit of an equity oriented fund or a unit of a business trust, been paid on transfer of such capital asset. (2) The tax payable by the assessee on the total income referred to in sub-section (1) shall be the aggregate of- 12[(i) the amount of income-tax calculated on such long-term capital gains exceeding one lakh twenty-five thousand rupees-- (a) on long-term capital gains at the rate of ten per cent. for any transfer which takes place before the 23rd day of July, 2024; a....

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....ssessee includes any long-term capital gains referred to in sub-section (1), the deduction under Chapter VI-A shall be allowed from the gross total income as reduced by such capital gains. (6) Where the total income of an assessee includes any long-term capital gains referred to in sub-section (1), the rebate under section 87A shall be allowed from the income-tax on the total income as reduced by tax payable on such capital gains. Explanation.-For the purposes of this section,- (a) "equity oriented fund" means a fund set up under a scheme of a mutual fund specified under clause (23D) of section 10 10[or under a scheme of an insurance company comprising unit linked insurance policies to which exemption under clause (10D) of the said sect....

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....f section 43.]     *************** NOTES:- 1 Inserted vide Section 11 of the Finance (No. 2) Act, 1965 2. Numbered vide Section 22 of the Finance Act, 1966 w.e.f. 01-04-1966 3 Inserted vide Section 22 of the Finance Act, 1966 w.e.f. 01-04-1966 4. Omitted vide Third Schedule of the Finance (No. 2) Act 1967 w.e.f. 01-04-1968 before it was read as, "plus" 5. Omitted vide Third Schedule of the Finance (No. 2) Act 1967 w.e.f. 01-04-1968 before it was read as, "(c) income-tax on such compensation or other payment and on such capital gains, if any, computed in accordance with the provisions of clause (iii) of section 112 and of clause (b) of section 114, respectively." 6 Substituted vide Third Schedule of....