Section 31 - Insertion of new Twelfth Schedule - Finance Act, 1982

31. Insertion of new Twelfth Schedule In the Income-tax Act, after the Eleventh Schedule, the following Schedule shall be inserted with effect from the 1st day of April, 1983, namely :- THE TWELFTH SCHEDULE [See section 80T(b)] The deduction in respect of long-term capital gains referred to in section 80T shall be allowed on the basis indicated hereunder, namely :- Rate as percentage of the amount with reference to which the deduction is to be calculated under section 80T (1) (2) (3) Where the capital gains relate to buildings or lands or any rights therein Where the capital gains relate to any other capital assets Where the capital asset has been held by the assessee for - more than three years but not more than five years; 25% 40% more than five years but not more than ten years; 28% 45% more than ten years but not more than fifteen years; 33% 50% more than fifteen years but not more than twenty years; 37% 55% more than twenty years. 40% 60%