Capital Gains
E.—Capital gains
Capital Gains
45.1 [***] Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 53 and 54, be chargeable to income-tax under the head "Capital gains", and shall be deemed to be the income of the previous year in which the transfer took place.
1[***]
1 The figure and brackets "(1)" and sub-sections (2), (3) and (4), were firstly inserted by s. 12 of the Finance Act, 1964 but later on they were omitted by s. 13 of the Finance Act, 1966 w.e.f. 1-4-66.
[As amended by Finance Act, 1967]