Section Text
In section 112 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 1995, -
(i) in clause (a), after the words "Hindu undivided family,", the words "being a resident," shall be inserted;
(ii) in clause (b), -
(a) for the word "company", the words "domestic company" shall be substituted;
(b) for the words "forty per cent.", wherever they occur, the words "thirty per cent." shall be substituted;
(iii) after clause (b), the following clause shall be inserted, namely :-
"(c) in the case of a non-resident (not being a company) or a foreign company, -
(i) the amount of income-tax payable on the total income as reduced by the amount of such long-term capital gains, had the total income as so reduced been its total income; and
(ii) the amount of income-tax calculated on such long-term capital gains at the rate of twenty per cent.";
(iv) the existing clause (c) shall be relettered as clause (d), and in clause (d) as so relettered, after the words "in any other case", the words "of a resident" shall be inserted.