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TMI BlogSection 112 - Tax on Long Term Capital GainsX X X X Extracts X X X X X X X X Extracts X X X X ..... the total income as reduced by such long-term capital gains is below the maximum amount which is not chargeable to income-tax, then, * long-term capital gains shall be reduced by the amount by which the total income as so reduced falls short of the maximum amount which is not chargeable to income-tax and * the tax on the balance of such long-term capital gains shall be computed at the rate as applicable in sub-clause (ii): and (ii) Rate of tax calculated on such long-term capital gains,-- (A) at the rate of 20% for any transfer which takes place before the 23rd day of July, 2024; and (B) at the rate of 12.5% for any transfer which takes place on or after the 23rd day of July, 2024: (iii) In the case of transfer of a long-term c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for any transfer which takes place before the 23rd day of July, 2024; and - (B) at the rate of 12.5% for any transfer which takes place on or after the 23rd day of July, 2024; (d) in any other case of a resident,-- (i) the amount of income-tax calculated on such long-term capital gains,-- - (A) at the rate of 20% for any transfer which takes place before the 23rd day of July, 2024; and - (B) at the rate of 12.5% for any transfer which takes place on or after the 23rd day of July, 2024: Before 23/07/2024 * (a) In case of an individual or HUF being resident, * the amount of income tax calculated on long term capital gain shall be 20%. * Adjustment of Unexhausted Basic Exemption Limit * Benefit of slab rate is available on s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee shall be lower of: * 20% of LTCG with giving benefit of the provisions of the second proviso to section 48 (i.e. with indexation), of applicable; or * 10% of LTCG without giving effect to the provisions of the second proviso to section 48 (i.e. without indexation). [ Second Proviso to section 112(1) ] * In case of Non-corporate non-resident and foreign companies, * Long term capital gains transfer of a capital assets, being unlisted securities or share in a company in which public are not substantially interest are eligible for a concessional rate of tax @10% (without indexation benefit). Section 112(2) * Benefit of slab rate is available on such LTCG in case of resident individual or HUF. i.e. not available to non-resident. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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