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TMI BlogSubstitution of New Sections for Sections 114 and 115X X X X Extracts X X X X X X X X Extracts X X X X ..... the total income of an assessee, not being a company, includes any income chargeable under the head Capital gains , the tax payable by him on his total income shall be (a) the amount of income tax and super tax payable on the total income as reduced by the amount of such inclusion and by the amount of compensation or other payment, if any, referred to in clause (ii) of section 28, had the total i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respectively, which would have been applicable to the total income, if the net capital gains, if any, relating to short term capital assets and the amount of compensation or other payment aforesaid, if any, had not formed part of it; or the amount of income tax calculated at the rate of 25 per cent. on the amount of the net capital gains relating to capital assets other than short term capital ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... term capital assets or to other capital assets), the tax payable by it shall be (a) the amount of income tax with which it is chargeable on its total income; (b) the amount of super tax equal to the aggregate of the amount of super tax calculated at the rate of five per cent. on the amount of the capital gains relating to capital assets other than short term capital assets included in the total i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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