Substitution of new section for section 48

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....The income chargeable under the head "Capital gains" shall be computed, - (a) by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following amounts, namely :- (i) expenditure incurred wholly and exclusively in connection with such transfer; (ii) the cost of acquisition of the asset and the cost o....

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....in buildings or lands or gold, bullion or jewellery, - (A) in the case of a company, ten per cent. of the amount of such gain in excess of ten thousand rupees; (B) in the case of any other assessee, fifty per cent. of the amount of such gain in excess of ten thousand rupees; (ii) in respect of long-term capital gain so arrived at relating to other capital assets, - ....

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....b-clause (ii) shall apply as if references to ten thousand rupees therein were references to the amount of deduction allowed in accordance with clauses (1) and (2) of this proviso : Provided further that, in relation to the amount referred to in clause (b) of sub-section (5) of section 45, the initial deduction of ten thousand rupees under clause (a) of this sub-section shall be reduced b....