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TMI BlogTax 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 ..... ncome includes any income chargeable under the head "Capital gains"; (b) the capital gains arise from the transfer of a long-term capital asset being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust; (c) securities transaction tax under Chapter VII of the Finance (No. 2) Act, 2004 (23 of 2004.) has- (i) in a case where the long-term capital asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndu undivided family, being a resident, where the total income as reduced by long-term capital gains computed under sub-section (1) is below the maximum amount which is not chargeable to income-tax, then,- (a) such long-term capital gains shall be reduced by the amount by which the total income as so reduced falls short of the maximum amount which is not chargeable to income-tax; and (b) the t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come of an assessee includes any long-term capital gains referred to in sub-section (1), the rebate under section 156 shall be allowed from the income-tax on the total income as reduced by tax payable on such capital gains. (8) In this section, "equity oriented fund" means a fund set up under a scheme of a mutual fund specified in Schedule VII (Table: Sl. No. 20 or 21) or under a scheme of an ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e fund, shall be computed with reference to the annual average of the monthly averages of the opening and closing figures; (II) in case of a scheme of an insurance company comprising unit linked insurance policies to which exemption in Schedule II (Table: Sl. No. 2) does not apply, the minimum requirement of 90% or 65%, as the case may be, is required to be satisfied throughout the term of such ..... X X X X Extracts X X X X X X X X Extracts X X X X
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