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        Clause 35 - Amendment of section 115ACA.

        Finance (No. 2) Bill, 2024
        Chapter III
        DIRECT TAXES - Income-tax

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        Tax on long-term capital gains from GDR transfers increased for transfers on or after the effective date. The amendment to section 115ACA substitutes the clause governing tax on long-term capital gains from transfers of Global Depository Receipts acquired in foreign currency under prescribed Employees' Stock Option Schemes by resident employees in specified knowledge-based industries, prescribing that LTCG shall be taxed at ten per cent for transfers before 23rd July, 2024 and at twelve and one-half per cent for transfers on or after that date, with the substitution having retrospective effect from 23rd July, 2024.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Tax on long-term capital gains from GDR transfers increased for transfers on or after the effective date.

                                The amendment to section 115ACA substitutes the clause governing tax on long-term capital gains from transfers of Global Depository Receipts acquired in foreign currency under prescribed Employees' Stock Option Schemes by resident employees in specified knowledge-based industries, prescribing that LTCG shall be taxed at ten per cent for transfers before 23rd July, 2024 and at twelve and one-half per cent for transfers on or after that date, with the substitution having retrospective effect from 23rd July, 2024.


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