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of <h1>Finance (No. 2) Bill, 2024: Section 111A Amended, Short-Term Capital Gains Tax Set at 15% Pre-July 23, 20% After</h1> Clause 29 of the Finance (No. 2) Bill, 2024, amends section 111A of the Income-tax Act concerning short-term capital gains tax. Effective from July 23, 2024, the tax rate on such gains will be 15% for transfers before this date and 20% for transfers on or after it. The tax payable will include income tax on these gains and on the remaining total income. For individuals or Hindu undivided families, if the total income minus these gains is below the non-taxable limit, the gains will be reduced accordingly before applying the relevant tax rate.
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