Section 29 - Amendment of section 115 - Finance Act, 1964

29. Amendment of section 115 In section 115 of the Income-tax Act,- (i) for clause (a), the following clause shall be substituted, namely:- (a) the amount of income-tax equal to the aggregate of- (1) the amount of income-tax calculated at the rate of twelve and a half per cent. on the amount of capital gains, if any, chargeable under sub-section (2) of section 45; and (2) the amount of income-tax with which it would have been chargeable had its total income been reduced by the amount of capital gains referred to in sub-clause (1); ; (ii) for clause (b), the following clause shall be substituted, namely:- (b) the amount of super-tax equal to the aggregate of- (1) the amount of super-tax calculated on the amount of capital gains relating to capital assets other than short-term capital assets included in its total income- (i) at the rate of fifteen per cent. on so much of the amount of such capital gains as relate to buildings or lands or any rights in buildings or lands; and (ii) at the rate of five per cent. on the balance of such capital gains, if any [excluding capital gains, if any, referred to in sub-clause (1) of clause (a)]; and (2) the amount of super-tax with which it would have been chargeable had its total income been reduced by the amount of capital gains relating to capital assets other than short-term capital assets included in its total income. .