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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 1982 Amends Section 80T: New Deductions for Long-Term Capital Gains on Assets Effective April 1, 1983.</h1> Section 80T of the Income-tax Act was amended by the Finance Act, 1982, effective April 1, 1983. The amendment specifies deductions for long-term capital gains on capital assets. For gains exceeding five thousand rupees, deductions are calculated based on rates in the Twelfth Schedule. The deduction order prioritizes gains from buildings or lands, followed by gold, bullion, or jewelry, and then other assets. The initial five thousand rupees deduction is allocated sequentially among these categories. The total deduction for assets like gold or jewelry cannot exceed fifty thousand rupees.
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