Clause 31 - Amendment of section 112A. - Finance (No. 2) Bill, 2024

Amendment of section 112A. 31. In section 112A of the Income-tax Act, in sub-section (2), for clause (i) the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely: (i) the amount of income-tax calculated on such long-term capital gains exceeding one lakh twenty-five thousand rupees (a) on long-term capital gains at the rate of ten per cent. for any transfer which takes place before the 23rd day of July, 2024; and (b) on long-term capital gains, at the rate of twelve and one-half per cent. for any transfer which takes place on or after the 23rd day of July, 2024: Provided that the limit of one lakh twenty-five thousand rupees shall apply on aggregate of the long-term capital gains under sub-clauses (a) and (b); .