Tax on long-term capital gains in certain cases

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.... VII of the Finance (No. 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 transfe....

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....(iii) of sub-section (1) shall not apply. (5) Where the gross total income of an assessee 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....

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....Zones Act, 2005 (28 of 2005); (c) "recognised stock exchange" shall have the meaning assigned to it in clause (ii) of Explanation 1 to clause (5) of 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 suc....

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....ncome-tax which would have been applicable to the total income if the amount of such interest and the amount of compensation or other payment and of the capital gains aforesaid, if any, had not formed part of it; ^4[****]  (c) ^5[****] ^7[****]] ^3[Explanation 2.-For the purposes of this section and ^6[Section 193] "National Savings Certificates (First Issue)" includes "National Savings Certificates (First Issue)-Bank Series".]" Earlier, Amended vide Section 24 of the Taxation Laws (Amendment) Act, 1970 w.e.f. 01-04-1969 9. Inserted vide Section 33 of the Finance Act 2018 w.e.f. 01-04-2019 10. Inserted vide Section 32 of the Finance Act 2021 w.e.f. 01-04-2021 11....