[1]Prior to its
omission, the Twelfth Schedule, as inserted by the Finance Act, 1982, w.e.f.
1-4-1983, stood as under :
“[See
section 80T(b)]
The
deduction in respect of the long-term capital gains referred to in section 80T
shall be allowed on the basis indicated hereunder, namely:—
Rate
as percentage of the amount with reference to which the deduction is to be
calculated under section 80T
|
(1) |
(2) |
(3) |
|
|
Where the capital gains relate to buildings or lands or any
rights therein |
Where the capital gains relate to any other capital assets |
|
Where the capital asset has been held by the assessee for— |
|
|
|
more than three years but not more than five years |
25% |
40%; |
|
more than five years but not more than |
|
|
|
ten years |
28% |
45%; |
|
more than ten years but not more than |
|
|
|
fifteen years |
33% |
50%; |
|
more than fifteen years but not more |
|
|
|
than twenty years |
37% |
55%; |
|
more than twenty years |
40% |
60%” |