# The Finance Act, 1999, Section 57: Amendment of section 112

- Act: The Finance Act, 1999
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1999/section/57/

## Text

Amendment of section 112. 57. In section 112 of the Income-tax Act, in sub-section (1), the following shall be inserted at the end with effect from the 1st day of April, 2000, namely :— ‘Provided that where the tax payable in respect of any income arising from the transfer of a long-term capital asset, being listed securities, exceeds ten per cent of the amount of capital gains before giving effect to the provisions of the second provi­so to section 48, then, such excess shall be ignored for the purpose of computing the tax payable by the assessee. Explanation.—For the purposes of this sub-section, "listed securities" means the securities— (a ) as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (32 of 1956); and (b ) listed in any recognised stock exchange in India.’. © Copyright. Taxmann Publications Pvt. Ltd.

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