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TMI BlogInsertion of new section 112A-Tax on long term capital gains in certain cases.X X X X Extracts X X X X X X X X Extracts X X X X ..... y share in a company or a unit of an equity oriented fund or a unit of a business trust; (iii) securities transaction tax under Chapter VII of the Finance (No.2) Act, 2004 (23 of 2004) has,- (a) in a case where the long-term capital asset is in the nature of an equity share in a company, been paid on acquisition and transfer of such capital asset; or (b) in a case where the long-term capital asset is in the nature of a unit of an equity oriented fund or a unit of a business trust, been paid on transfer of such capital asset. (2) The tax payable by the assessee on the total income referred to in sub-section (1) shall be the aggregate of- (i) the amount of income-tax calculated on such long-term capital gains exceeding one lakh rupee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e higher of- (i) the actual cost of acquisition of such asset; and (ii) the lower of- (a) the fair market value of such asset; and (b) the full value of consideration received or accruing as a result of the transfer of the capital asset. (7) Where the gross total income of an assessee includes any long-term capital gains referred to in sub-section (1), the deduction under Chapter VI-A shall be allowed from the gross total income as reduced by such capital gains. (8) Where the total income of an assessee includes any long-term capital gains referred to in sub-section (1), the rebate under section 87A shall be allowed from the income-tax on the total income as reduced by tax payable on such capital gains. Explanation.-For the purp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... where the capital asset is a unit and is not listed on a recognised stock exchange, the net asset value of such asset as on the 31st day of January, 2018; (c) "International Financial Services Centre" shall have the meaning assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005); (d) "recognised stock exchange" shall have the meaning assigned to it in clause (ii) of Explanation 1 to clause (5) of section 43.'. - Clause 31 of the Bill seeks to insert a new section 112A of the Income-tax Act relating to tax on long-term capital gains in certain cases. The proposed new section 112A provides that where the total income of an assessee, includes any income chargeable under the head "Capital gain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... October, 2004 and such transaction is not chargeable to securities transaction tax under Chapter VII of the Finance (No. 2) Act, 2004. It is also proposed to provide that capital gains under the said section shall be computed without giving effect to the first and second proviso to section 48. It is also proposed to provide that the cost of acquisition for the purposes of computing capital gains under the section in respect of capital asset acquired by the assessee before the 1st day of February, 2018, shall be as provided in the said section. It is also proposed to provide that where the gross total income of an assessee includes any long-term capital gains, deduction under Chapter VI-A shall be allowed from the gross total income as re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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