Amendment of section 114

Section 28 of the Finance Act, 1964 deals with amendment of section 114. Amendment of section 114 28. In section 114 of the Income-tax Act, in clause (b), for subclause (ii), the following sub-clause shall be substituted, namely: — "(ii) the amount of income-tax and super-tax calculated on such part of the net capital gains, if any, relating to capital assets other than

Amendment of section 114

28. In section 114 of the Income-tax Act, in clause (b), for subclause (ii), the following sub-clause shall be substituted, namely: —

"(ii) the amount of income-tax and super-tax calculated on such part of the net capital gains, if any, relating to capital assets other than short-term capital assets, as exceeds the sum of five thousand rupees—

(1) in the case of capital gains relating to buildings or lands, or any rights in buildings or lands, at three-fourths of the average rate of income-tax and three-fourths of the average rate of super-tax respectively, and

(2) in any other case, at one-half of the average rate of income-tax and one-half of the average rate of super-tax respectively,

average rate of income-tax and average rate of super-tax being computed for the purpose of this sub-clause in the same manner as for the purpose of sub-clause (i) of this clause:

Provided that where the amount payable under sub-clause (ii) of clause (b) is less than the amount equal to fifteen per cent, of the net capital gains in respect of which tax is payable under that subclause, then the amount payable thereunder shall be fifteen per cent. of such net capital gains :

Provided further that where the total income does not exceed the sum of ten thousand rupees, the amount payable under the said sub-clause shall be nil;

plus".

[Finance Act, 1964]

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Section 28, The Finance Act, 1964 (Act 5 of 1964).