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of <h1>Finance Bill 2024 amends Income-tax Act section 112: New long-term capital gains tax rates effective July 23, 2024.</h1> Clause 30 of the Finance (No. 2) Bill, 2024, amends section 112 of the Income-tax Act concerning long-term capital gains tax. It revises tax rates for individuals, Hindu undivided families, domestic companies, non-residents, and foreign companies. For transfers before July 23, 2024, the tax rate is 20%, and for transfers on or after this date, it is 12.5%. Specific provisions apply to unlisted securities and shares, with a 10% rate for certain transfers before July 23, 2024. The amendment is effective retroactively from July 23, 2024.
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