Amendment of section 112A
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);”. |