Tax on long-term capital gains in certain cases.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on (2), if- (a) the total income includes any income chargeable under the head "Capital gains"; (b) the capital gains arise from the transfer of a long-term capital asset being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust; (c) securities transaction tax under Chapter VII of the Finance (No. 2) Act, 2004 (23 of 2004.) has....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....were the total income of the assessee. (3) In the case of an individual or a Hindu undivided family, being a resident, where the total income as reduced by long-term capital gains computed under sub-section (1) is below the maximum amount which is not chargeable to income-tax, then,- (a) such long-term capital gains shall be reduced by the amount by which the total income as so reduced....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....shall be allowed from the gross total income as reduced by such capital gains. (7) Where the total income of an assessee includes any long-term capital gains referred to in sub-section (1), the rebate under section 156 shall be allowed from the income-tax on the total income as reduced by tax payable on such capital gains. (8) In this section, "equity oriented fund" means a fund set up under....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sed stock exchange, and, for the purposes of this clause,-- (I) the percentage of equity shareholding or unit held in respect of the fund, shall be computed with reference to the annual average of the monthly averages of the opening and closing figures; (II) in case of a scheme of an insurance company comprising unit linked insurance policies to which exemption in Schedule II ....