{"act":{"id":"finance-act-2012","short_title":"The Finance Act, 2012","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2012-2013.","act_number":null,"act_year":2012,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":121,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2012/"},"unit":"section","section":{"number":"43","heading":"Amendment of section 112","text":"Amendment of section 112. 43. In section 112 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2013,— (A) in clause (c), for sub-clause (ii), the following sub-clauses shall be substituted, namely:— \"(ii) the amount of income-tax calculated on long-term capital gains [except where such gain arises from transfer of capital asset referred to in sub-clause (iii)] at the rate of twenty per cent; and (iii) the amount of income-tax on long-term capital gains arising from the transfer of a capital asset, being unlisted securities, calculated at the rate of ten per cent on the capital gains in respect of such asset as computed without giving effect to the first and second proviso to section 48.\"; (B) in the Explanation, for clause (a), the following clauses shall be substituted, namely:— '(a) the expression \"securities\" shall have the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (32 of 1956); (aa) \"listed securities\" means the securities which are listed on any recognised stock exchange in India ; (ab) \"unlisted securities\" means securities other than listed securities;'. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 112.</b></p><p><b>43. </b>In section 112 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2013,—</p><p>(<i>A</i>) in clause (<i>c</i>), for sub-clause (<i>ii</i>), the following sub-clauses shall be substituted, namely:—</p><p>\"(<i>ii</i>) the amount of income-tax calculated on long-term capital gains [except where such gain arises from transfer of capital asset referred to in sub-clause (<i>iii</i>)] at the rate of twenty per cent; and</p><p>(<i>iii</i>) the amount of income-tax on long-term capital gains arising from the transfer of a capital asset, being unlisted securities, calculated at the rate of ten per cent on the capital gains in respect of such asset as computed without giving effect to the first and second proviso to section 48.\";</p><p>(<i>B</i>) in the <i>Explanation, </i>for clause (<i>a</i>), the following clauses shall be substituted, namely:—</p><p>'(<i>a</i>) the expression \"securities\" shall have the meaning assigned to it in clause (<i>h</i>) of section 2 of the Securities Contracts (Regulation) Act, 1956 (32 of 1956);</p><p>(<i>aa</i>) \"listed securities\" means the securities which are listed on any recognised stock exchange in India ;</p><p>(<i>ab</i>) \"unlisted securities\" means securities other than listed securities;'.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":195,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2012/section/43/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}