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TMI BlogAmendment of section 112.X X X X Extracts X X X X X X X X Extracts X X X X ..... July, 2024, namely: (a) in the case of an individual or a Hindu undivided family, being a resident, (i) the amount of income-tax payable on the total income as reduced by the amount of such long-term capital gains, had the total income as so reduced been his total income; and (ii) the amount of income-tax calculated on such long-term capital gains, (A) at the rate of twenty per cent. for any tran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the income-tax computed under item (B) exceeds the income-tax computed in accordance with the provisions of this Act, as they stood immediately before their amendment by the Finance (No. 2) Act, 2024, such excess shall be ignored; (b) in the case of a domestic company, (i) the amount of income-tax payable on the total income as reduced by the amount of such long-term capital gains, had the total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per cent. for any transfer which takes place before the 23rd day of July, 2024; and (B) 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; and (iii) the amount of income-tax on long-term capital gains arising from the transfer of a capital asset, being unlisted securities or shares of a company not being a company in which the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of twelve and one-half per cent. for any transfer which takes place on or after the 23rd day of July, 2024: Provided that where the tax payable in respect of any income arising from the transfer of a long-term capital asset which takes place before the 23 rd day of July, 2024, being listed securities (other than a unit) or zero coupon bond, exceeds ten per cent. of the amount of capital gains be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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