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of <h1>Finance Bill 2024 Amends Section 115AB: New Tax Rates on Long-Term Capital Gains for Offshore Funds</h1> Clause 33 of the Finance (No. 2) Bill, 2024, amends section 115AB of the Income-tax Act concerning tax on income from units purchased in foreign currency or capital gains from their transfer. It modifies sub-section (1), clause (ii), to impose a ten percent tax rate on long-term capital gains for transfers before July 23, 2024, and a twelve and one-half percent rate for transfers on or after that date. This change applies to overseas financial organizations, known as Offshore Funds, and is effective retrospectively from July 23, 2024.
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