Section 112 of ITA, 1961 : Section 112: Tax On Long-Term Capital Gains
ITA, 1961
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Explanation using Example
Let's say Mr. Sharma, a resident individual, sold a piece of land that he had owned for more than 3 years, which qualifies it as a long-term capital asset. The sale resulted in a long-term capital gain of INR 10,00,000. His other income for the year (from salary, interest, etc.) amounts to INR 5,00,000.
According to Section 112 of the Income-tax Act, 1961, Mr. Sharma's tax liability would be calculated as follows: ...
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