Section 115

¹[Tax on capital gains in case of companies.

115. Where the total income of a company includes any income chargeable under the head "Capital gains" relating to capital assets other than short-term capital assets (such income being hereinefter referred to as long-term capital gains), the income-tax payable shall be the aggregate of

(i) the amount of income-tax calculated on the amount of long-term capital gains included in the total income

(a) at the rate of forty-five per cent, on so much of the amount of such long-term capital gains as relate to buildings or lands or any rights in buildings or lands ; and

(b) at the rate of thirty-five per cent, on the balance of such long-term capital gains, if any ; and

(ii) the amount of income-tax with which it would have been chargeable had its total income been reduced by the amount of long-term capital gains referred to clause (i).]

[As amended by the Finance Act, 1973]