Substitution of new section for section 48

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..... nder the head "Capital gains" shall be computed, - (a) by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following amounts, namely :- (i) expenditure incurred wholly and exclusively in connection with such transfer; (ii) the cost of acquisition of the asset and the cost of any improvement thereto; (b) w .....

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..... ase of a company, ten per cent. of the amount of such gain in excess of ten thousand rupees; (B) in the case of any other assessee, fifty per cent. of the amount of such gain in excess of ten thousand rupees; (ii) in respect of long-term capital gain so arrived at relating to other capital assets, - (A) in the case of a company, thirty per cent. of the amount of such gain in excess of ten th .....

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..... in accordance with clauses (1) and (2) of this proviso : Provided further that, in relation to the amount referred to in clause (b) of sub-section (5) of section 45, the initial deduction of ten thousand rupees under clause (a) of this sub-section shall be reduced by the deduction already allowed under clause (a) of section 80T in the assessment for the assessment year commencing on the 1st day .....

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