30 July 2007
Proviso to section 112 is as follows:
Provided that where the tax payable in respect of any income arising from the transfer of a long-term capital asset, being listed securities 26[or unit] 27[or zero coupon bond], exceeds ten per cent of the amount of capital gains before giving effect to the provisions of the second proviso to section 48, then, such excess shall be ignored for the purpose of computing the tax payable by the assessee.
28[Explanation.—For the purposes of this sub-section,—
(a) “listed securities” means the securities—
(i) as defined in clause (h) of section 229 of the Securities Contracts (Regulation) Act, 1956 (32 of 1956); and
(ii) listed in any recognised stock exchange in India;
(b) “unit” shall have the meaning assigned to it in clause (b) of Explanation to section 115AB.]]
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