Long-term capital gains tax on specified bonds and GDRs increased for later transfers under amended section 115AC. The amendment to section 115AC(1) substitutes clause (ii) to change the rate applicable to long-term capital gains on transfers of specified bonds and GDRs: the long-term capital gains component remains taxed at ten percent for transfers before 23 July 2024 and at twelve and one-half percent for transfers on or after 23 July 2024; the provision operates retrospectively from 23 July 2024 and fits within the section's three-part tax computation for non-residents.
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Provisions expressly mentioned in the judgment/order text.
Long-term capital gains tax on specified bonds and GDRs increased for later transfers under amended section 115AC.
The amendment to section 115AC(1) substitutes clause (ii) to change the rate applicable to long-term capital gains on transfers of specified bonds and GDRs: the long-term capital gains component remains taxed at ten percent for transfers before 23 July 2024 and at twelve and one-half percent for transfers on or after 23 July 2024; the provision operates retrospectively from 23 July 2024 and fits within the section's three-part tax computation for non-residents.
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