Clarification regarding computation of tax in respect of long-term capital gains under section 112
Circular : No. 721, dated 13-9-1995.
1. Section 112 was inserted in the Income-tax Act by the Finance Act, 1992 with effect from 1-4-1993. It provides that where the total income of an assessee includes any income, arising from the transfer of a long-term capital asset, which is chargeable under the head “Capital gains”, the tax payable by the assessee on the total income shall be the aggregate of,â