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of <h1>Finance Bill 2024 amends Section 112A: Long-term capital gains tax rate rises to 12.5% for transfers post-July 23.</h1> Clause 31 of the Finance (No. 2) Bill, 2024, proposes an amendment to section 112A of the Income-tax Act concerning the taxation of long-term capital gains. The amendment changes the tax rates applicable to such gains exceeding INR 1,25,000. For transfers before July 23, 2024, the tax rate remains at 10%. For transfers on or after this date, the rate increases to 12.5%. The INR 1,25,000 threshold applies to the aggregate of gains under both scenarios. This amendment is effective retrospectively from July 23, 2024.
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