Tax on capital gains in case of companie
5[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" (whether such gains relate to short-term capital assets or to other capital assets), the income-tax payable by it shall be the aggregate of—
6[(i) ***]
(ii) the amount of income-tax calculated on the amount of capital gains relating to capital assets other than short-term capital assets included in the total income—
(a) at the rate of forty 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
(b) at the rate of thirty per cent on the balance of such capital gains, if any 7[***]; and
(iii) 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 8[in clause (ii)].
5. Subs. by s. 37 of the Finance Act, 1965 w.e.f. 1-4-65.
6. Omitted by s. 24(a) of the Finance Act 1966, w.e.f. 1-4-66.
7. The brackets, words, and figure "[excluding capital gains, if any referred to in clause (i)]" were omitted by s. 24(b) of the Finance Act, 1966 w.e.f. 1-4-66.
8. Subs. for the words, brackets and figures "in clauses (i) and (ii)" by s. 24(c) of the Finance Act, 1966 w.e.f. 1-4-66.
[As amended by Finance Act, 1967]