Section 23 - Amendment of section 80T - Finance Act, 1986

23. Amendment of section 80T In section 80T of the Income-tax Act, with effect from the 1st day of April, 1987, - (i) for the words five thousand rupees , wherever they occur, the words ten thousand rupees shall be substituted; (ii) in clause (b), for the portion beginning with the words in any other case, five thousand rupees and ending with the words capital assets exceed five thousand rupees , the following shall be substituted, namely :- in any other case, ten thousand rupees as increased by a sum equal to - (A) fifty per cent. of the amount by which the long-term capital gains relating to capital assets, being buildings or lands or any rights in buildings or lands, or gold, bullion or jewellery exceed ten thousand rupees; (B) sixty per cent. of the amount by which the long-term capital gains relating to any other capital assets exceed ten thousand rupees . (iii) the second proviso shall be omitted.