Proviso to section 112(1)

CA Prateek Garg (CA in Practice) (1447 Points)

25 November 2011  

 

My question is related to Proviso to Section 112(1) which 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 or unit 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

 

My question is

In case of Capital gain of more than one asset how to apply the provisions of proviso to Section 112(1)

On each Capital Gain separately or on combined amount of capital gain from all the assets.

For e.g.

Income under head Capital Gain (all Long Term)

 

LTCG with Indexation

capital gain without Indexation

Listed Securities of A Ltd.

10000

18000

Listed Securities of B Ltd.

15000

32000

House Property

(5000) – Loss

2000

 

 

 

Income from other Sources – 180000

Compute the Tax Payable on LTCG for A Y 2012-13