Amendment of section 112

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..... all be substituted; (b) in the Explanation, clause (b) shall be omitted. - Clause 34 of the Bill seeks to amend section 112 of the Income-tax Act relating to tax on long-term capital gains. The existing provisions contained in section 112 provide for tax payable in the case of income arising from the transfer of a long-term capital asset. The proviso to sub-section (1) provides that where the tax .....

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