Dear Sir/Madam
The taxation of business trust is governed by 115UA. Sec 115UA(2) as amended by FA 2018 - Specifies that the tax will be in following way:
1. STCG u/s 111A
2. LTCG u/s 112
3. Balance income at Maximum marginal rate
My doubt is where capital asset as specified u/s 112A is transferred by business trust. Whether Sec 112A can be used for tax computation? The reason for this doubt is that there is no mention of 112A in Sec 115UA. What will be the tax treatment?
Regards
CAclubindia
