Tax on capital gains in case of companies
8[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 hereinafter 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—
9[(a) 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—
(1) where the company is a company in which the public are substantially interested and the total income of the company (as reduced by the amount of long-term capital gains included therein) does not exceed one hundred thousand rupees, at the rate of 10[forty] per cent ; and
(2) in any other case, at the rate of 11[fifty] per cent ; and
(b) on the balance of such long-term capital gains, if any, at the rate of 12[forty] per cent ; 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 in clause (i).]
8. Substtuted by the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972. The original section was first substituted by the Finance (No. 2) Act, 1962, w.e.f. 1-4-1962, and then by the Finance Act, 1965, w.e.f. 1-4-1965. It was also amended by the Finance Act, 1966, w.e.f. 1-4-1966 and the Finance Act, 1964, w.e.f. 1-4-1964.
9. Substituted by the Finance (No. 2) Act, 1974, w.e.f. 1-4-1975.
10. Substituted for "forty-seven" by the Finance Act, 1976, w.e.f. 1-4-1977.
11. Substituted for 'fifty-five" by the Finance Act, 1976, w.e.f. 1-4-1977.
12. Substituted for "forty-five" by the Finance Act, 1976, w.e.f. 1-4-1977.
[As amended by the Finance Act, 1983]