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of <h1>Long-Term Capital Gains Tax Rates Revised: 20% Before July 2024, Dropping to 12.5% for Diverse Asset Transfers</h1> Section 112 of the Income Tax Act, 1961 outlines tax calculations for long-term capital gains across different taxpayer categories. It specifies varying tax rates for different types of assets and transfer timelines, with rates of 20% before July 23, 2024, and 12.5% thereafter. The provision covers individuals, Hindu undivided families, domestic companies, non-residents, and foreign companies, providing detailed tax computation methods based on total income and capital gains characteristics.
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