Amendments at a glance, Amendments to Income-tax Act

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..... Deduction in respect of long-term capital gains in the case of assessees other than companies 2-3A 115 Tax on capital gains in case of companies 3B Amendments to Income-tax Act Finance (No. 2) Act, 1974 Long-term capital gains 2. Under the existing provisions in section 80T and section 115, long-term capital gains, i.e. , capital gains arising from the transf .....

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..... 1. Long-term capital gains relating to buildings or lands or any rights therein - The deduction from the total income will be Rs. 5,000 plus 25 per cent (as against 35 per cent under the existing law) of the amount by which the gains exceed Rs. 5,000. 2. Long-term capital gains relating to other capital assets - The deduction from the total income will be Rs. 5,000 plus 40 per cent .....

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