Section 28 - Amendment of section 114 - Finance Act, 1964

28. Amendment of section 114 In section 114 of the Income-tax Act, in clause (b), for sub-clause (ii), the following sub-clause shall be substituted, namely:- (ii) the amount of income-tax and super-tax calculated on such part of the net capital gains, if any, relating to capital assets other than short-term capital assets, as exceeds the sum of five thousand rupees- (1) in the case of capital gains relating to buildings or lands, or any rights in buildings or lands, at three-fourths of the average rate of income-tax and three-fourths of the average rate of super-tax respectively, and (2) in any other case, at one-half of the average rate of income-tax and one-half of the average rate of super-tax respectively, average rate of income-tax and average rate of super-tax being computed for the purpose of this sub-clause in the same manner as for the purpose of sub-clause (i) of this clause: Provided that where the amount payable under sub-clause (ii) of clause (b) is less than the amount equal to fifteen per cent. of the net capital gains in respect of which tax is payable under that sub-clause, then the amount payable thereunder shall be fifteen per cent. of such net capital gains: Provided further that where the total income does not exceed the sum of ten thousand rupees, the amount payable under the said sub-clause shall be nil; plus .