Amendment of section 115AD
In section 115AD of the Income-tax Act, in sub-section (1), with effect from the 23rd day of July, 2024,—
| (a) | in the longline, in clause (ii), for the proviso, the following proviso shall be substituted and shall be deemed to have been substituted, namely:— | |
| “Provided that the amount of income-tax calculated on the income by way of short-term capital gains referred to in section 111A shall be at the rate of— |
| (A) | fifteen per cent for any transfer which takes place before the 23rd day of July, 2024; and | |
| (B) | twenty per cent for any transfer which takes place on or after the 23rd day of July, 2024;”; |
| (b) | in clause (iii), for the proviso, the following provisos shall be substituted and shall be deemed to have been substituted, namely:— | |
| “Provided that in case of income arising from the transfer of a long-term capital asset referred to in section 112A which exceeds one lakh and twenty-five thousand rupees, income-tax shall be calculated at the rate of— |
| (A) | ten per cent where transfer of such asset takes place before the 23rd day of July, 2024; and | |
| (B) | twelve and one-half per cent where transfer of such asset takes place on or after the 23rd day of July, 2024: |
| Provided further that the limit of one lakh twenty-five thousand rupees mentioned in the first proviso shall apply on aggregate of the long-term capital gains referred to in clauses (A) and (B); and”. |