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TypeBare Act JurisdictionCentral Government

Finance Act, 1986 Section 23

Amendment of Section 80t

~1 min read
https://sooperkanoon.com/act/13347

Bare act section · Research

About this section

Finance Act, 1986 Section 23 is part of Finance Act, 1986 - Amendment of Section 80t. Read the section text below and explore Indian court judgments that cite it.

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Section Text

In section 80T of the Income-tax Act, with effect from the 1st day of April, 1987, -

(i) for the words "five thousand rupees", wherever they occur, the words "ten thousand rupees" shall be substituted;

(ii) in clause (b), for the portion beginning with the words "in any other case, five thousand rupees" and ending with the words "capital assets exceed five thousand rupees", the following shall be substituted, namely :-

"in any other case, ten thousand rupees as increased by a sum equal to -

(A) fifty per cent. of the amount by which the long-term capital gains relating to capital assets, being buildings or lands or any rights in buildings or lands, or gold, bullion or jewellery exceed ten thousand rupees;

(B) sixty per cent. of the amount by which the long-term capital gains relating to any other capital assets exceed ten thousand rupees".

(iii) the second proviso shall be omitted.

Frequently asked questions

What does Finance Act, 1986 Section 23 provide?

Section Section 23 of the Finance Act, 1986 (Amendment of Section 80t) is reproduced on this page as part of the Finance Act, 1986. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 1986 Section 23?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 1986 Section 23. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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