Insertion of New Twelfth Schedule
In the Income-tax Act, after the Eleventh Schedule, the following Schedule shall be inserted with effect from the 1st day of April, 1983, namely :-
"THE TWELFTH SCHEDULE
[See section 80T(b)]
The deduction in respect of long-term capital gains referred to in section 80T shall be allowed on the basis indicated hereunder, namely :-
------------------------------------------------------------------------
Rate as percentage of the amount
with reference to which the
deduction is to be calculated
under section 80T
------------------------------------------------------------------------
| (1) | (2) | (3) |
------------------------------------------------------------------------
Where the capital Where the capital
gains relate to gains relate to
buildings or any other capital
lands or any assets
rights therein
-------------------------------------------
Where the capital
asset has been held
by the assessee for -
more than three years but
not more than five years; 25% 40%
more than five years but
not more than ten years; 28% 45%
more than ten years but
not more than fifteen years; 33% 50%
more than fifteen years but
not more than twenty years; 37% 55%
more than twenty years. 40% 60%
------------------------------------------------------------------------