Amendment of section 115

Section 29 of the Finance Act, 1964 deals with amendment of section 115. Amendment of section 115 29. In section 115 of the Income-tax Act,— (i) for clause (a), the following clause shall be substituted, namely:— " (a) the amount of income-tax equal to the aggregate of- (1) the amount of income-tax calculated at the rate of twelve and a half per cent, on the amount of ca

Amendment of section 115

29. In section 115 of the Income-tax Act,—

(i) for clause (a), the following clause shall be substituted, namely:—

" (a) the amount of income-tax equal to the aggregate of-

(1) the amount of income-tax calculated at the rate of twelve and a half per cent, on the amount of capital gains, if any, chargeable under sub-section (2) of section 45; and

(2) the amount of income-tax with which it would have been chargeable had its total income been reduced by the amount of capital gains referred to in sub-clause (1);";

(ii) for clause (b), the following clause shall be substituted, namely: —

"(b) the amount of super-tax equal to the aggregate of —

(1) the amount of super-tax calculated on the amount of capital gains relating to capital assets other than short-term capital assets included in its total income—

(i) at the rate of fifteen per cent on so much of the amount of such capital gains as relate to buildings or lands or any rights in buildings or lands; and

(ii) at the rate of five per cent on the balance of such capital gains, if any [excluding capital gains, if any, referred to in sub-clause (1) of clause (a)]; and

(2) the amount of super-tax with which it would have been chargeable had its total income been reduced by the. amount of capital gains relating to capital assets other than short-term capital assets included in its total income.".

[Finance Act, 1964]

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Section 29, The Finance Act, 1964 (Act 5 of 1964).