Central Government has inserted a new section 112A under Income Tax Act, 1961. The aim behind this section is to impose tax implications on the gains arising on account of transfer of equity share, units of equity oriented funds and units of the business trust. Before Assessment Year 2018-2019, long-term capital gain (LTCG) tax on transfer of equity share, units of equity oriented funds and units of business trust was exempted as per provisions of section 10 (38).
Below mentioned is the applicability for long term capital gains under section 112A of Income Tax Act 1961:
- Section 112A shall